Client: Grand Union Properties Limited
Area of Law: Real Estate
We were instructed by Grand Union Properties Limited and others in the sale of the entire issued share capital of Grand Union Twymill Developments Limited (GUTD) and Grand Union Twymill Limited (GUT), who together as a special purpose vehicle owned the freehold of an industrial estate near Oxford.
Our initial instructions were to prepare a report on the title and various leases. There were substantial difficulties with the estate relating to poor and inconsistent leases, an electric substation, solar panels and a private sewerage system. Subsequently, we were asked to handle the sale of the share capital of GUT and GUTD.
While several offers were received, the transactions did not complete as the potential purchaser could not secure confirmation about the long term intentions of the estate’s principal tenant, tile and home furnishing specialists Fired Earth.
We worked with the parties to find a solution whereby Grand Union Properties agreed to purchase the shares belonging to its joint venture partner.
In reaching this satisfactory conclusion, we acted on the sale and purchase including drafting the sale and purchase agreement and ancillary documentation.
The matter is an example of our skill in balancing different motivations and conflicting interests between multiple sellers.