We have recently acted for Barclays Bank on an innovative new real estate outsourcing deal with Land Securities Trillium and on the two largest deals of the previous 12 months; the outsourcing by Aviva plc of their Norwich Union real estate portfolio and the £2 billion Project TIES for the Department of Work and Pensions.
We were instrumental in inventing the legal techniques necessary to make Real Estate Partnerships, the new breed of structured sale and leasebacks, a success, including the virtual assignment. We acted for the Government on the first two projects of this type - The Department of Social Security on Project PRIME; and Inland Revenue and Customs & Excise on Project STEPS. We also acted for Abbey on the first of these transactions to be concluded in the private sector - the outsourcing of virtually their entire real estate portfolio. "The firm has a leading reputation in corporate outsourcing." [Legal 500 2003]