CMS Cameron McKenna - Offices Sale - London W4, Chiswick High Road

Date: 20 Nov 2000

CMS Cameron McKenna has advised Britannic Asset Management on the £41.3 million sale and leaseback of the British Standards Institution’s (BSI) office headquarters, Chiswick High Road, London, W4. The deal was conducted on behalf of Britannic Assurance plc.

The building covers 14,000 sq.m. (150,000 sq.ft) together with around 380 car parking spaces and was extensively refurbished and reclad by BSI in 1993-1994. BSI has entered into a 15 year leaseback on the Ground to 11th Floors and also into three year leasebacks on Floors 13-17. Floor 12 has already been re-let to Quadriga on a five year lease.

Pranai Karia, Barney Hearnden, Richard Croker, and Kate Halsall of CMS Cameron McKenna acted for Britannic Asset Management along with KPMG on taxation matters. Colin Kearney and Denis Marshall of McGuinness Finch advised the British Standards Institution.

Pranai Karia commented: “The acquisition of property through special purpose vehicles for funds give rise to additional taxation issues which were innovatively addressed in structuring this deal. This is a further example of how corporate structures can be used to mitigate stamp duty liability on property transactions.”

CMS Cameron McKenna has advised on a number of high profile sale and leaseback deals this year, including two for J Sainsbury Plc this year which raised a total of £566 million.

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