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White & Case has cemented its relationship with Land Securities Trillium (LST), the property outsourcing arm of Land Securities Group, after helping to secure a novel outsourcing arrangement with Barclays Bank.
Under the deal, Barclays gave LST a reported £45m worth of property, comprising 14 office buildings totalling 31,540 square metres.
The transaction, which was completed on New Year’s Eve, consisted of two elements: first, the standard sale and leaseback to LST of Westwood Business Park in Coventry; and second, LST taking responsibility for 13 short leaseholds in London and the South East.
The 13 properties are surplus to Barclays’ requirements and are largely vacant due to Barclays’ property rationalisation in London and the South of England.
Property outsourcings, while growing in number, remain a relative rarity in the market, with LST the market leader.
White & Case partner David Cox led on the deal for LST, with Lovells partner Francis Giacon advising Barclays.
Cox introduced LST to White & Case when he joined from Tite & Lewis. He previously worked for LST on the Prime Contract, the property outsourcing deal concluded with the Department for Work and Pensions.
The deal is the latest in a series of property outsourcings for Lovells, having advised on outsourcing arrangements for the Inland Revenue, the Department of Social Security and Aviva.