News | By practice area

Friday 20th December 2002

Leading hotels and property finance expert of SJ Berwin David Ryland has advised Asif Bhatia in connection with his purchase of Hyatt Regency Birmingham Limited, a company which owns the Hyatt Regency Birmingham hotel, from the NEC Group.

Hyatt Regency Birmingham is an integral part of the Broad Street redevelopment area which now incorporates the International Convention Centre, Symphony Hall and National Indoor Arena. The transaction was effected through the restructuring of share capital and involved complex financing arrangements. The deal was financed by Aareal Bank.

David Ryland was assisted by Corporate Finance assistant solicitor Andrew Clark, Senior Property assistant solicitor Stephen Marshall and Banking assistant solicitor Jen Yee Chan.

NEC were advised by Pinsent Curtis Biddle (Andrew Eastgate). Allen & Overy (Rod Brown) represented the bank.

• David has been ranked in a series of publications as one of the leading lawyers in his area. In the Legal 500 2000, he was described as "a pioneer in the development of new property vehicles" and "property finance guru". In Chambers 2001 ø 2002 he was described as "the best legal mind in the country" and "in a class of his own". In Legal 500 2002 he was described as "magnificent property finance partner" and "incredibly cleverÉ pioneer of the "now terribly trendy" offshore unit trusts ø and other innovative and complex vehicles, several of which have been generally adopted in the marketplace". Chambers 2002 said "unquestionably, absurdly great mind as well as hardworking and demanding". He has also been ranked in surveys in Euromoney as one of the world's leading real estate lawyers.
• David has extensive experience of a wide range of property finance mechanisms, including development agreements, joint ventures, forward sale, overage sale, side by side leases, trusts for sale, secured lending and equity kicker agreements. He is also widely recognised as a specialist in investment mechanisms including limited partnerships, and unauthorised unit trusts. He has also worked on numerous tax-related property transactions including finance and operating leases, enterprise zone schemes, and transactions to securitise cash flow from properties and maximise tax benefits from property related cash flow.
• David has been personally involved in the establishment of property funds for an aggregate value nearing £6 billion. Past transactions include the establishment of the MWB Leisure Funds I and II and IIB, the Barclays Whitgift Partnership, the Regent Retail Parks Partnership, the Regent Residential Partnership, the Two Rivers Partnership, the Quondam Partnership, the Strategic Property Partners Partnership, the Gresham Property Partners Fund L.P., the Schroders Retail Park Unit Trust, the Chiswick Park Unit Trust, the Residential Property Unit Trust, the Hercules Unit Trust, the City of London Office Unit Trust and the West End of London Unit Trust.
• David has also recently acted on the syndication of property among retail investors for an aggregate value in excess of £2 billion. Transactions include the funding of the Cazenove's headoffice, Scottish Enterprise's headoffice and new office buildings for Linklaters and Gouldens. He has also developed structures to facilitate differential levels of gearing exposure to the same underlying assets.
• David also has extensive experience in a wide range of hotel related transactions, including sales purchases, and management contracts. He has also been closely involved in the funding arrangements relating to a number of hotel acquisitions in the UK and abroad. He acts for a number of major hotel operators and investors.