News | By practice area

Tuesday 22nd June 2004

Jon Vivian and Helen Sills (real estate), Peter Anderson and Eamon Devlin (corporate) and Nathan Briner (banking) acted on behalf of Brixton plc in the recent sale of 50% of its interest in two major Heathrow estates: Axis Park, Langley and Heathrow Corporate Park to the Prudential. This was for a total consideration of £108.92m.

The transaction involved a revision of the existing limited partnership called The Heathrow Big Box Industrial and Distribution Fund in which the properties were held, with Brixton and Prudential now becoming 50:50 shareholders.

The deal is part of Brixton’s strategy to consolidate its industrial assets in the M25 where it is market leader in the West London/Heathrow area. The deal allows it to release capital from prime, well-let stock to utilise on other opportunities.

Michael Stancombe and Richard Stones of Lovells acted on behalf of Prudential.

• This deal is part of a series of transactions SJ Berwin has been undertaking on behalf of Brixton including the recent purchase of the Trafford Park Estate in Manchester for over £100m and the 50% interest in the Premier Greenford Limited Partnership.