dohertybaines advise Lonestar on £1 billion Project Laser Purchase

dohertybaines advises Lonestar on the “off market” purchase of a mixed sector portfolio from Moorfield Group.

The portfolio is a mix of hospitality assets, business parks, offices, student accommodation and residential developments, including:

• The Salisbury – Salisbury House, a Grade II-listed building situated in the City of London with 236,369 sq ft of office, retail and ancillary accommodation;
• Pinnacle, West Riding House, a 19-storey mixed use city centre building in Leeds, 68,500 sqft prime retail space and 81,500 sqft of offices, supported by a 440 multi-storey car park.  Major tenants include retailers Next, Tesco and Superdrug and office tenants include Barnett Waddingham and the government;
• The Towers, an urban business park in Didsbury, South Manchester, comprised of nine office buildings, totalling 290,000 sqft set within 19 acres of landscaped parkland.  Tenants include British Airways, John Lewis, Oracle and Cisco;
• Skypark business park in Glasgow, comprised of 550,000 sq ft across buildings providing a wide variety of office, storage and retail accommodation to tenants, including O2, Travel 2 and Serco;
• A 40% stake in the five-strong Brindleyplace office portfolio in Birmingham, which includes major occupiers Deutsche Bank, Royal Bank of Scotland Plc, Deloitte. The joint venture partner is Hines Global REIT;
• Velocity Village, a 612,000 sq ft mixed-use commercial and residential development in Sheffield, across five buildings located on Tenter Street and comprises 364 apartments and more than 100,000 sq ft of commercial office and retail space.
• A portfolio of 24 regional mid-market Mercure & M Gallery hotels;
• A portfolio of 46 Shearings hotels; and
• Domain, Queens Road, a 399-bed student accommodation block leased to University of Winchester.