Acting for Capita, the CMBS loan servicer, and receivers Menzies Business Recovery LLP, Lawrence Graham (LG) has advised on the sale of Woolgate Exchange in the City of London to Ivanhoé Cambridge and TPG, a global private investment firm, for £265m.  The buyer was represented by Freshfields.
 
Woolgate Exchange is a high-quality 351,000 sq ft (33,000 sq m) office building located close to the Bank of England.  It is currently let to tenants including Portigon AG, Investec Asset Management, Sidley Austin and the University of Chicago.
 
In 2012, TPG entered into an agreement to acquire the junior loan from the Irish Banking Resolution Corporation.  By working with the senior and junior creditors the partnership was subsequently able to acquire the asset in a proprietary transaction.  Previously, the asset was held in a defaulted capital structure.  The purchase will partially repay the junior loan secured against the building, fully repaying senior bondholders.
 
The 351,000 square-foot (33,000 square metre) trophy asset is located in the heart of the City of London and has been acquired through a complex and innovative financial structure.  Ivanhoé Cambridge is co-investing with TPG which has originated the transaction.  The asset will be co-managed by the joint venture.
 
LG partners Christine Jackson, Nick Turner, Brett Israel, Elliot Weston and senior associate Robert Paterson acted for Capita and Menzies Business Recovery.  Freshfields partners Alex Watt and Jeffrey Rubinoff, with senior associate Victoria Hills, advised Ivanhoé Cambridge and TPG.  Conor Downey of Paul Hasting advised the junior creditor.

http://www.lg-legal.com/news/2013/02/06/woolgate-exchange-sold-for-265m