Home | News & events | Press releases | Shoosmiths helps secure £77.5m for Birmingham landmark

Shoosmiths helps secure £77.5m for Birmingham landmark

20 February 2008

Shoosmiths has helped a Midlands developer secure £77.5m to invest in one of Birmingham’s landmark office buildings.

A five-strong team headed by partner and commercial property specialist Jason Jackson advised Colmore Square LLP when it borrowed the sum from Bank of Scotland.

Jackson led the transaction with property support from associate James Needham and banking support from associate Rachel Griffiths. Associate Simon Wain led Shoosmiths’ construction team, supported by solicitor Helen Martin.

Understood to be among the city’s biggest facility deals, the funding will be used for further investment in, and development of, Cannon House, one of Birmingham’s best-known commercial sites.

Shoosmiths negotiated the facility agreement for the draw down of funds, with the first tranche related to investment, including substantial equity release; and the second tranche for development finance.

The national law firm also:

Purchased and refurbished by Colmore Square LLP, Cannon House - boasting Birmingham’s largest city centre commercial footprint at 300,000 sq ft - is already attracting new tenants, including rail operator Cross Country, and the Insolvency Service, part of the Government’s Department for Business Enterprise and Regulatory Reform.

Jackson said: “Not only is this one of the largest property funding deals in Birmingham, at £77.5m, but the letting values at Cannon House have been among the highest, too.”

“By its very nature, this was a complex and involved deal, but the depth of knowledge and expertise we possess enabled us to offer advice across several areas of the negotiations, thereby contributing to a successful outcome.”

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