Fladgate advises HDG Mansur on acquisition of office building

Our team: Matthew Williams

Fladgate LLP has advised leading international real estate company, HDG Mansur Investment Services Inc, and the HSBC Amanah Global Properties Income Fund, in connection with the £12.6m acquisition of an office development, Pinehurst Park in Farnborough, from Norwich Property Trust Limited.

HSBC Amanah Global Properties Income Fund financed the acquisition on a Shari’ah compliant basis with financing provided by The Royal Bank of Scotland (RBS). The Fund’s assets are approximately US$1.7bn, of which approximately £79.6m is located in the UK. King & Spalding handled the Shari’ah financing.

The transaction was led by Fladgate partner Robert Muir with assistance from associate Matthew Williams. Commenting on the deal Robert said: “Given the lack of transactional activity in the UK property market, I am delighted that we have completed a deal of this nature. Once again, the combination of our commercial approach and detailed understanding of the property and property finance markets, enabled us to achieve a positive outcome for our clients.”

Chairman and CEO of HDG Mansur, Harold D. Garrison continued: “We are all aware that the global economy is on uncertain grounds, but deals are still taking place and people are still investing in the UK economy. HDG Mansur is keen to consolidate what is already a strong position in the UK commercial market and this acquisition is a welcome addition to our portfolio.”

Peter Nash, Director, Real Estate Finance Group, RBS, added: “We are delighted to support this acquisition. One of the critical success factors in this deal has been our ability to work to tight deadlines to secure the most suitable funding structure, helping HDG Mansur Investment Services implement their plans from a sound and secure platform. We look forward to a continued and long-standing relationship with them.”

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