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Nabarro advises BP Pension Fund on private hospital site in Reading
14 December 2010
Nabarro LLP has acted for BP Pension Fund on the acquisition of a development site in Reading for £58m from Kennet Properties Limited.
The development site will be use to build a private hospital, with an annual rent of £4.75m, and will be let to the Circle Health Group of Properties. Construction work on the site is due to begin in January 2011, with the completion of the hospital anticipated for May 2012.
Nabarro acted for BP Pension Fund on its development and acquisition agreement, and documentation to let the completed development as a private hospital. The deal involved complex due diligence and negotiations. There was a specific focus on the tax structure, which had to be considered in great detail because of the fact that the tenant can not recover VAT and due to the proposed sale of the property after completion.
The Nabarro team was lead by real estate partner Martin Grabiner, with assistance from environment partner Clare Deanesly, construction partner Penny Moore, tax partner Simon Rose and associates Hetan Ganatra, Eleanor Mhizha and Jessica Taylor (real estate), Clare Eccles (planning), Alex Ibrahim (environmental), Arriel Eder (construction), Julia Cockcroft (Tax) and Venn King and Edward Morgan (Corporate). Kennet Properties Limited was represented by Osborne Clarke, and the Circle Health Group of Properties was represented by in-house lawyer Matthew Nash, with Lawrence Graham acting on property matters and Taylor Wessing on construction.
Martin Grabiner, real estate partner at Nabarro commented "We are extremely pleased to be continuing our work with the BP Pension Fund on such an exciting new development. The team worked efficiently and professionally on a complex transaction, due to the number of documents involved, and ensuring third-party agreements were in place at the time of completion"
If you would like any further information or have any queries please contact:
Jemma Parry
Lansons Communications
T +44 (0)20 7566 9706
Jemmap@lansons.com
