Wragge Lawrence Graham & Co has advised Birmingham City Council (BCC) on the sale of the NEC Group to LDC. The transaction values the NEC Group at around £307 million, including the value of the leases of the Hilton Metropole and Crowne Plaza hotels on the NEC site which are being retained by the Council.

BCC is retaining the freehold of all of the NEC sites. The sale encompasses all NEC Group businesses, with a 125-year leasehold interest of the NEC site (including the NEC Exhibition Halls, The Genting Arena - formerly the LG Arena - and the Resorts World development); 25-year leasehold interests in the International Convention Centre and Barclaycard Arena (formerly the NIA), together with Amadeus, The Ticket Factory and the NEC's third party management business.

As part of the transaction, NEC's defined benefit pension schemes, which have been closed to the accrual of future benefits since 2010, will be retained by and benefit from the continued financial support of BCC.

A multidisciplinary Wragge Lawrence Graham & Co team, led by corporate partner David Vaughan, advised on all aspects of the sale including the pre-sale structuring work, pensions work, all leases and other property arrangements, the sale process and negotiations with the preferred bidder.

The Corporate team also included director Ragi Singh and associate Laura Dick. Principal associates Kevin Milton and Jennifer Lewis provided pensions advice.

Robert Caddick, commercial development and investment chairman, led on the real estate aspects of the transaction, which were extensive. Other senior members of the Real Estate team involved were director Sarah Punshon, principal associate Steve White and consultant Rob Sprake.

David Vaughan said: "There has obviously been a great deal of interest surrounding this sale because of the landmark status of NEC's main sites; it's been very exciting for all of us to have been right at the heart of it. It's been a pleasure working so closely with the first class teams at BCC and its financial adviser, Gleacher Shacklock, to help deliver this positive outcome on a transaction of such significance."

Paul Dransfield, Deputy Chief Executive, BCC said: "The Wragge Lawrence Graham & Co team was clearly made up of a carefully selected group of individuals with legal expertise tailored to our exact needs. The team combined extensive knowledge of real estate, first class corporate intelligence and direct experience of having advised on other similar auction sales and transactions involving major exhibition, conferencing and live events businesses."

Wragge Lawrence Graham & Co's 60-strong Corporate team has extensive experience across the full spectrum of corporate advice, including equity capital markets on AIM and the Full List, investment funds, private equity and public and private mergers and acquisitions.

The firm is home to one of the UK's top five real estate providers. More than 275 lawyers, including 52 partners, provide a comprehensive range of real estate legal services, including asset management, construction, corporate, development, finance, funds, infrastructure, investment, litigation, M&A, planning, regeneration, restructuring and tax.

Eversheds LLP advised LDC, with a team led by partner Sue Lewis.