Lovells

Lovells advised the Aviva-owned insurer, Norwich Union, on a real estate partnership with Land Securities Trillium (LST).  The deal, which closed on 13 June, is the first major property instruction Lovells has received from the Aviva Group.  

The transaction comprises the sale of a number of freehold and long leasehold properties in Norwich, York, Sheffield and Perth to LST and a leaseback to Norwich Union of most of the properties for 25 years.  The investment value of the properties is said to be in the region of £150m.  In addition, LST will provide repair, maintenance and life cycle replacement services to those properties over the 25 year term of the agreement.  As part of the overall transaction, LST will also, in the early years of the contract, carry out a £92m refurbishment of Norwich Union's main headquarters' site in central Norwich, comprising several buildings totalling circa 330,000 square feet.  

The deal closed at 11.52 pm on Sunday 13 June which meant that the challenging target date for commencement of LST's operations at the properties on Monday 14 June could be met. This achievement was possible only through tremendous commitment of time and energy by the parties and their advisers.  

Norwich Union was advised by a Lovells team including property partners and Francis Giacon, David Lane and Katherine Watts assisted by property lawyers William Clements and John Condliffe.  Employment partner Elizabeth Slattery and tax partner Greg Sinfield completed the team along with Rosemary Miller (construction) and Amy Manchia (tax).  

Speaking on behalf of the team, Francis Giacon said:  
 
"We were delighted to work in close partnership with Norwich Union's Occupied Property Strategy team on this transaction, our first major property-related instruction from the Aviva group.  The teamwork shown by personnel at Norwich Union, Deloittes and Lovells   Continues……               was excellent.  Our involvement in this transaction maintains our position at the forefront of the fast developing area of Real Estate Partnerships".  

Land Securities Trillium were advised by Allen & Overy: Daniel McKimm, David Barker, David Kosack (property) and Trevor Cosgrove (construction).  Dundas & Wilson (Stuart Tait) acted for Norwich Union on the Scottish aspects of the transaction and Cripps Harries Hall undertook title due diligence for Norwich Union.

Lovells international property practice comprises 150 lawyers, including 35 partners, focused on the following main areas:

• property development and investment                 
• construction 
• property finance            
• limited partnerships 
• PFI projects 
• REPs (Real Estate Partnerships)     
• acquisitions and disposals
• all aspects of landlord and tenant related work.