Practice areas:

Real estate, corporate, finance, insurance, tax

Sector:

Property
Office: London

Value:

£400 million plus

Project in brief:

Advising the US-based property fund Rockpoint Group on its acquisition of 12 office blocks in Cutlers Gardens for more than £400 million.

Issues:

This was one of the biggest property deals in the City of London. Rather than being a direct property investment, the deal’s complex structure involved Rockpoint Group acquiring Jersey property unit trusts (JPUTs) and corporate vehicles owning the properties.

This structure was chosen for stamp duty land tax mitigation reasons. In order to complete before the assets went on open sale, the deal needed to be carried out within a two-week timeframe, with the principals in the US being kept informed at all times.
The Herbert Smith insurance practice played a key role, negotiating warranty cover that has now become a valuable new product in the marketplace.