Appleby advises AshbyCapital on £217 million acquisition
in London's Fitzrovia and subsequent refinancing
Leading offshore law firm Appleby advised AshbyCapital on its acquisition from Kaupthing ehf of its 50% interest in Fitzroy Place, a mixed-use development in central London’s Fitzrovia which it acquired in November 2016.
The sale valued Kaupthing's stake at £217.1 million, with Aviva Investors retaining its 50% share of the joint venture. In addition, Appleby also advised on the subsequent refinancing of circa 50% the acquisition costs which completed on 13 February 2017.
The Appleby team was led by Partner James Gaudin from Appleby’s Jersey office and assisted by Associate Kevin McQuillan.
Partner James Gaudin commented: “This is another deal we have worked on with Ashby who are a long standing client of the firm. It has been a pleasure working with all parties on this transaction which is the latest example of the resilience of the London high end real estate market post-Brexit.”
The acquisition included the purchase of units from Kaupthing ehf in two separate Jersey Property Unit Trusts.