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Shoosmiths seven secure Switchback for client

18 March 2008

A seven-strong team of Shoosmiths lawyers has helped secure a £9m office space deal for a leading South East investment client.

Members of the national law firm’s Thames Valley commercial property team led by partner Alan Corcoran completed the acquisition of The Switchback, in Maidenhead, for McKay Securities PLC.

The property comprises six, two-storey office units in three blocks, covering a total net internal area of 37,900 sq ft. McKay Securities PLC aims to refurbish the buildings, thus improving their rental values.

Shoosmiths involved the large team so that the £9.05m deal could be completed quickly.

Corcoran said: “This is the second significant deal we have helped McKay Securities PLC secure in the space of just a few months, and is evidence of the close working relationship we’ve developed.”

McKay Securities PLC managing director Simon Perkins said: “We’re delighted at the speed with which Shoosmiths was able to deliver this deal, enabling us to progress our plans for the property within our planned timescale, and secure a high initial yield of 8.6%.”

McKay Securities PLC Securities is a Real Estate Investment Trust specialising in the development and refurbishment of quality commercial buildings within established and emerging growth areas of central London and South East England.

For further information please contact:
Name: Alastair Gray
Phone: 08700 864096
Email: alastair.gray@shoosmiths.co.uk