Slaughter & May and Linklaters have helped Land Securities and property investment company Telereal reach an agreement on the sale of Land Securities Trillium for £444m in cash.
Slaughters corporate finance partners William Underhill (pictured) and Gavin Brown advised Land Securities on the proposed sale to Telereal.
Telereal was advised by Linklaters partner Charles Jacobs and associate Tom Jaggers on the M&A aspects of the deal while David Ereira and Brian Gray advised on the banking aspects.
Linklaters won the instruction as a result of Ereira’s long-standing relationship with Telereal, which he worked with at his previous firm Freshfields Bruckhaus Deringer.
Proceeds from the deal, which does not include Trillium’s Accor hotel business, will be used to reduce Land Securities’ debt. Land Securities will receive a further £25m of cash deferred by up to 24 months while net external debt of £49m will be assumed by Telereal.
Land Securities announced last year that it was to embark on a three-way de-merger of Trillium, its office and retail businesses. However, it has since decided against splitting the other two arms of its operations.