Introduction
Our Real Estate and Banking teams acted for our client Whitebridge Ventures in their recently completed acquisition of Hayweight House in Edinburgh city centre, with further input provided by our Planning Litigation team.
The property, centrally located within the Old Town of Edinburgh, was previously the local offices of SAMH (Scottish Action for Mental Health) and is to be converted into a new hotel by Whitebridge, concentrating on the 18 - 35 market. The funding for the acquisition and subsequent development is being provided by RoundShield Partners LLP, a US backed private equity business that manages capital on behalf of pension funds, endowments and other institutional investors who have a particular focus on European and UK asset backed opportunities.
Key Highlights
- Acquisition of the heritable (freehold) interest in the property from SAMH by our Real Estate team, and reporting and advising on the due diligence for the property acquisition;
- Negotiating and agreeing the Scottish elements of the funding agreement with Roundshield by our Banking team; and
- Provision of planning advice to the client on the existing planning consent allowing for alternative uses of the property.
Conclusion
We were delighted to support Whitebridge Ventures with their first acquisition in the Scottish hospitality market - this complex transaction required a quick turnaround once the terms of the funding agreement were reached. The deal showcased our ability to meet our client's cross-practice needs as we were able to field seamless expert advice across our real estate, banking and planning teams.
