Surplus Property Solutions (“SPS”) is delighted to announce the successful completion of the Carillion Plc (“Carillion”) surplus lease portfolio. A significant number of the liabilities have now been entirely extinguished.
SPS acquired the 330,000 square foot portfolio in late November 2011 with a transfer of the financial and management responsibilities for a score of large and complex properties from Carillion to SPS. This is the third leasehold liability transfer that SPS has successfully brought to a conclusion in as many years.
Andrew Thexton-Pee, Senior Surveyor at Carillion Plc, commented:
“We are very satisfied with the success of this transaction as it has allowed us to increase our focus on our operational estate and support our businesses better than ever. SPS got on with what they do best and have beaten our expectations.”
Carillion Plc was advised by Cushman & Wakefield and Ashurst on this transaction.
Adam Foster, Director, Surplus Property Solutions, commented:
“This was a tough portfolio, consisting primarily of secondary office buildings, rendered even more challenging by the static economic environment. A lot of hard work, focus and ability went into this and we are extremely happy with the results for both Carillion and for us.”
SPS was advised by Jones Lang Lasalle, Berwin Leighton Paisner and Brodies.
Kevin Vickers, Partner at Cushman & Wakefield, advisor to Carillion commented:
“SPS’s success with the Carillion portfolio is testimony to the special skill set and focus that Surplus Property Solutions bring to this kind of transaction. This skill set combined with Carillion, a corporate that recognises shedding unwanted liabilities as a priority, is a recipe for success. 2011 and 2012 have seen unprecedented levels of transaction activity in the transfer of Corporate surplus real estate to third parties. In addition to Carillion, Cushman & Wakefield recently completed liability transfers on behalf of other corporate occupiers, Virgin Media and Morrisons and is currently marketing another portfolio.”