A client of our Real Estate team was looking to sell a development property, but due to a variety of factors the deal was structured as a corporate transaction. As a result, our client was selling the company which owned the property rather than the property itself.
The client was a local real estate developer, and had vast experience in the sector, having developed a number of residential and student properties across the region. The property in question was a prime target for development in the city centre, and the intention of the buyer is that it would be developed into a high quality block of residential flats.
The sale needed a carefully managed approach. Our Corporate team took the lead, supported by the Real Estate team as many of the buyer’s due diligence queries naturally related to the property, rather than the holding company. This approach allowed each team to focus their specialist knowledge, and to collaboratively drive the deal forward.
Due to the type and amount of work, trainee Luke Singleton (supported and supervised by solicitors in both Corporate and Real Estate) could get hands-on experience and take on a leading role in a transaction. The trainee assisted in the drafting and negotiation of the key transaction documents, co-ordinated between the various teams and professional advisors (both internal and external), and had plenty of client contact.
Gavin Maddison (Partner, Corporate)
“This transaction is a good example of the sort of work we do. It involved all the key features of a corporate deal, such as helping the client agree commercial terms, going through the due diligence phase and then documenting the terms in detail – but it also demonstrated how we work closely with other departments and have to have an understanding of other areas of law. The trainee and I worked directly together on this and between us we were able to deliver the client’s aims.”
Luke Singleton (Trainee Solicitor)
“As a second seat trainee, with some previous corporate experience as a paralegal, getting involved in this transaction really let me hit the ground running. It was familiar enough that I felt I could understand what was involved, but there were plenty of new aspects to the matter that challenged me.
Being given responsibility to draft and assist in negotiating documents, as well as generally managing the transaction, was extremely rewarding and gave me invaluable experience. Particularly in having to consider legal matters not only from a corporate perspective, but also from a property perspective, as the transaction focused heavily on this due to the buyers ultimate goal being ownership of the property through the company.
It was very interesting to have to approach a corporate transaction in a different way. As such I got a great experience of working closely with both the Corporate and the Real Estate team to ensure everything came together for the client.”