Addleshaws wins major property deal

Addleshaw Booth & Co has fought off City competition to advise the underwriters on one of the largest transfers of properties into the private sector.

The firm beat Clifford Chance and Allen & Overy to act for NatWest and Nationwide Building Society, which underwrote a £240m loan facility for Whitefriars Housing Group.

Under the arrangement, 20,125 properties will be transferred from Coventry City Council to Whitefriars Homes North and Whitefriars Homes South.

Addleshaws has had a longstanding relationship with Nationwide and NatWest. However, it is understood that larger value projects such as Whitefriars have previously been awarded to Clifford Chance

Richard Papworth, housing finance partner at Addleshaws, says: “We’ve been doing this kind of work for a number of years, so it hasn’t really come from nowhere. But this is the first significant transaction that we’ve done of this nature as to date they’ve used Clifford Chance.”