Olswang acts on the sale of 35 Portman Square
25 June 2010
Olswang has acted for the shareholders of Portman Square Properties Holdings Limited on the sale of 35 Portman Square, through a corporate acquisition, to Great Portland Estates plc ("GPE"). The property is an eight storey, 73,000 sq ft building fronting Portman Square, which was comprehensively refurbished in 2006.
The consideration for the sale is circa £53m made up of £31m cash and assumed debt of £22m. A corporate disposal was made because of GPE's UK-REIT status which meant that inherent capital gains were not realised, in addition to the usual stamp benefits.
The Olswang team was led by Graham Chase and Graham Barber. Berwin Leighton Paisner acted for GPE.
