News & Events | News

Thursday 2nd August 2001

SJ Berwin have acted for the British Land Company Plc in connection with the property aspects of securitisation of 35 Sainsbury supermarkets. The deal constitutes the launch of a £575m multi-tranche bond offering, securitising the rental income from the supermarkets, which are owned by British Land and leased to Sainsbury Supermarkets Limited.

The team at SJ Berwin was led by Lewis Myers and Helen Willett.

Simmons & Simmons (James Bresslaw) acted for British Land on the banking aspects of the transaction with Nabarro Nathanson (Barry Morris) also acting for British Land in some of the property work. Allen & Overy acted for UBS Warburg by whom the offering is being managed.

• John Eldridge joined SJ Berwin as a partner in the Property Department in 1983 shortly after the firm's inception. He has wide experience in commercial property matters, particularly in the office, retail and hotel sections, acting for amongst others Ladbroke, British Land, Schlumberger, Securum, Chelsfield and Royal Sun Alliance, Merivale Moore and numerous offshore investors.
• SJ Berwin have also acted for British Land recently in:-
  the acquisition of the Old Lloyds Building in Lime Street in the City of London.
  the acquisition of 22 Homebase stores from J Sainsbury plc valued at approximately £156 million.
• The acquisition of Caroone House, 14 Farringdon Street, EC4 from a consortium of overseas investors known as Woolaston Real Estate valued at £24.5, for development.
• The acquisition from the Stadium Group of a recently completed hotel and restaurant development, on a site adjoining the Meadowhall Shopping Centre, Sheffield which derived from the original acquisition of the centre by British Land in 1999.