Wragge & Co advises Development Securities on £92m London property deal

BIRMINGHAM law firm Wragge & Co has advised Development Securities on a £92m forward-funding agreement with Scottish Widows Investment Partnership Property Trust.

The deal will finance the second and final phase of a 375,000 sq ft office-led regeneration scheme in the centre of Hammersmith, creating a new commercial and leisure destination and provide premium office space.

The site, 12 Hammersmith Grove, will provide 167,000 sq ft of grade A office space over 11 floors along with new restaurant space and additional public realm. Construction will start this May with completion expected in early 2016.

Wragge & Co director Nisha Jassal led on the transaction and was supported by Robert Caddick, commercial development & investment chairman.

Partner Lee Nuttall and associate Chris Nyland provided input on tax issues, while partner Duncan Field and solicitor Ellen Catherall provided planning advice.

Jassal said: “We have a long-standing relationship with Development Securities PLC, including in relation to the £50m forward funding of the first phase of this project in 2011.

“A detailed understanding of their commercial drivers, combined with our team’s technical expertise and experience in advising on high-value development projects led us to the successful completion of this transaction.”