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Asset Sale: Seller's Counsel

Paul Hastings Represents Strategic Hotels & Resorts on Sale of Marriott London Grosvenor Square Hotel

07 Apr 2014

Paul Hastings advised Strategic Hotels & Resorts on the sale of the 237-room Marriott London Grosvenor Square Hotel for £125.15 million ($207.7 million). Net proceeds from the transaction total approximately £58.1 million ($96.5 million), after the repayment of property-level net debt of £67.0 million ($111.3 million). The hotel was sold to an affiliate of Hong Kong based private equity firm Joint Treasure and remains subject to a ground lease with 43 years remaining on the term.

DWF advises on sale of Liverpool City Council’s Millennium House

07 Apr 2014

DWF is advising Liverpool City Council (LCC) on a £15million deal, which will see Liverpool based hotel and serviced apartment chain, Signature Living, redevelop the city's Millennium House.

The plans - submitted by Signature Living - will see the council-owned Millennium House converted into a Bill Shankly-themed aparthotel with museum. The existing Lifestyles Gym will be relocated within the premises and expanded and 17,500sq ft of space will be made available to house new start-ups in the City. Signature Living will use the premises as its head office.

DONG Energy - proposed disposal of a 50% interest in the Westermost Rough offshore windfarm

01 Apr 2014

Slaughter and May advised DONG Energy on its proposed disposal of a 50% interest in the 210MW Westermost Rough offshore windfarm to a joint venture established between Marubeni Corporation and UK Green Investment Bank plc, and on the terms of certain related financing, construction management, operations and maintenance and power purchase arrangements.

The Westermost Rough offshore windfarm is currently in construction off the coast of Yorkshire. It is expected to be the first large-scale commercial windfarm to deploy Siemens' 6 MW direct drive turbines.

CONTACTS

Clifford Chance advises Lanxess on the sale of its subsidiary Perlon-Monofil

28 Mar 2014

Clifford Chance has advised the specialty chemicals group Lanxess, Cologne (Germany), on the sale of its wholly-owned subsidiary Perlon-Monofil, Dormagen (Germany), to the Munich investment company Serafin. The parties agreed not to disclose any details of the purchase price.

Perlon-Monofil produces polyamide and polyester monofilaments under the brand names Perlon, Atlas and Bayco. These products have various uses, in paper production, shipping and agriculture for example. Perlon-Monofil's revenues for 2013 were around EUR 30 million and it employed around 100 people.

DLA Piper advises on Opal disposal

28 Mar 2014

DLA Piper has acted for PwC, who were administrators for eight companies in the Opal Property Group.

The team, led by partner Mark Jackson alongside Barney Smedley, helped to successfully sell the companies' business to Campus Living Villages (CLV) for £244.9m.

CLV which is part of an Australian group providing student accommodation in the US, Australia and New Zealand, will acquire Opal's sites in Birmingham, Liverpool, Leeds, London, Manchester, Newport and Nottingham, adding an additional 4,539 beds and more than doubling its portfolio to 8,360.

Burges Salmon advises Canadian & Portland Estates plc on £30m+ property sale at a record yield of 1.85 per cent

27 Mar 2014

Burges Salmon have advised Canadian & Portland Estates Plc on the sale of 103 New Bond Street in London for in excess of £30 million.

Led by partner Ross Polkinghorne, a multi-disciplinary team from Burges Salmon provided Canadian & Portland Estates Plc with Real Estate, Planning, Tax and Construction advice in relation to the sale to an investor from Hong Kong. Burges Salmon worked closely with Canadian & Portland's investment agent, Lawrence Gluckstein, from John Miles and Company.

Freshfields advises De Vere Group on £232m sale of Venues division to Starwood Capital

20 Mar 2014

Freshfields Bruckhaus Deringer has advised De Vere Group Limited on the sale of its Venues division to Starwood Capital for £232m.

With 30 venues and 3,000 bedrooms accommodating circa 700,000 conference meeting delegates per annum, the Venues division is a focussed B2B business and represents the UK's leading provider of space for residential training, meeting and events.

Graham Holdings Company and Berkshire Hathaway's Agreement in Principle for Berkshire Hathaway's Acquisition of WPLG-TV

17 Mar 2014

Graham Holdings Company and Berkshire Hathaway Inc. announced that they have reached an agreement in principle for Berkshire Hathaway to acquire a wholly owned subsidiary of Graham Holdings Company (which will include WPLG, a Miami-based television station, a number of Berkshire Hathaway shares currently held by Graham Holdings Company and an amount of cash) in exchange for approximately 1.6 million shares of Graham Holdings Class B common stock currently owned by Berkshire Hathaway and its subsidiaries.