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17 August 2022

Charles Russell Speechlys advises Topland Group on new joint venture and £50m acquisition and financing of Allen House

Charles Russell Speechlys recently advised Topland Group on a key acquisition and financing of the historic Allen House in Kensington. The property is made up of 40 residential flats with a total value of £50m. The client aims to retain the period features of the property while it undergoes a comprehensive renovation.

Our team advised on setting up a joint venture for the transaction and acquisition of the holding company and the property, completing acquisition and development financing and will provide ongoing construction advice during the development phase. The transaction involved overseas companies and Charles Russell Speechlys provided English and Lux advice on both the acquisition and bank funded elements.

Overall the transaction has involved our Corporate, Tax, Banking, Real Estate, Construction and Real Estate Disputes teams from across our Cheltenham, London, Zurich and Luxembourg offices.

This marks our third major transaction with Topland Group this year and our first of the year acting for Topland in its borrower capacity, following on from the £20m loan to refinance the acquisition costs of property near Liverpool Street, London, and a £7m short-term binding loan to fund the acquisition of a site in Birmingham, both completed in January.

Antony Iannaccone, Director, Finance & Healthcare at Topland Group of Companies, said: “Allen House was an advantageous acquisition for the Topland group. We elected to team up with Charles Russell Speechlys as the project required a breath of legal expertise and a level of dedication that we enjoy from the team. We look forward to taking the project through to its successful conclusion as one of many prime central opportunities within the group.”

Naomi Nettleton, Partner, commented: “We were delighted to act for this strategically important client on another high-profile transaction. Our work also comprised of advising on the joint venture, construction and the financing of the property, which showcases how our teams can collaborate on complex matters seamlessly.”

The Charles Russell Speechlys acquisition team was led by Real Estate Partner Naomi Nettleton, Corporate Partner Martin Wright, Construction Partner Andrew Keeley and Tax Partner Helen Coward, supported by Real Estate Senior Associate Charlotte Mee, Corporate Associate Caroline Carter, Senior Associate Rupert Ramsey and Construction Associate Melanie Hardingham. The Charles Russell Speechlys finance team was led by Banking & Finance Senior Counsel Paul Kay and Partner Daniel Sullivan and supported by Senior Associate Isobel Young-Herries. Additional support from across the UK offices came from Employment Senior Associate Kelly Evans and Planning Associate Sophie Willis, with additional international support from Corporate Partner Victor Regnard, Principal Philip Basler-Gretić and Associate Clément Missey.

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