Katten UK Represents Gannon Properties in the £103 Million Sale of Its NAMA Chrome Portfolio
August 31, 2012
(LONDON) Katten Muchin Rosenman UK LLP represented Irish property group Gannon Properties in in relation with the £103 million sale by the National Asset Management Agency (NAMA) of a portfolio of loans, known as the Chrome Portfolio, relating to Gannon’s UK real estate portfolio, to a joint venture between Development Securities and the Pears Group.
The Chrome Portfolio comprised 39 residential and retail development and investment properties, including several Central London residential properties that account for approximately 65 percent of the portfolio by value. The remaining properties consist of neighborhood retail schemes anchored by Tesco convenient stores and other residential, high street retail and commercial assets across more than 300,000 square feet.
“This was a complex transaction involving a valuable portfolio of retail and central London residential properties. The end result was extremely beneficial for all parties involved,” said Peter Sudgen, managing partner of Katten UK and head of its UK Real Estate Practice. Katten continues to act in relation to ongoing matters on the Chrome Portfolio.
Katten’s UK Real Estate Practice includes strong lawyers who are highly experienced and have broad technical and commercial capabilities as transaction managers. Over the past six months, Katten UK has brought on well-known industry professionals including Stephen John, Joe Payne and Ranjeev Kumar.