Travers Smith LLP has advised long-standing client Office Space in Town ("OSIT") and two global real estate investors, Forum Partners and the Kailong Group, on the sale of an 80% interest in two property joint ventures to RDI (formally ReDefine International), the FTSE 250 income focused UK Real Estate Investment Trust. OSiT will continue to own the remaining 20% interest.
The property joint ventures comprise a portfolio of four premium established serviced offices in Central London, with a portfolio value of £161.7 million, which were originally bought and developed into serviced offices by OSiT. The properties are situated at Liverpool Street, St Paul’s, Southwark and its core asset is at 20 St Dunstan’s Hill, adjacent to the iconic Monument landmark.
OSIT, which is led by founders Giles Fuchs and Niki Fuchs, will continue as the manager of the properties and has a track record of over 25 years developing and managing serviced offices in the UK.
The Travers Smith team was led by Head of Commercial, IP and Technology, Tom Purton, assisted by Senior Associate Rowan Armstrong and Associate Elise Jones. Corporate advice was provided by Senior Associate Jeremy Dennison and, Associate, Ed Ainscoe. Property advice was provided by Real Estate Partner Paul Kenny, assisted by Associate Gareth Wynne. The team also included Tax Partner Simon Yates, assisted by Senior Associate Silvana Van der Velde, and Finance Partner Danny Peel.
Sell-side advice was also provided by Macfarlanes LLP and RDI REIT plc was advised by CMS Cameron McKenna Nabarro Olswang LLP and Pinsent Masons LLP (Property).