LONDON – Reed Smith has advised Telereal Trillium, one of the UK’s largest property companies, on the corporate sale of the Hayhill Portfolio to Elite UK Commercial Limited for £282.15 million.

The portfolio, legally and beneficially held by London Wall Outsourcing Holdings Limited, has a combined annual rent of £23.29m and comprises of 97 regional offices let to the Department for Work and Pensions (DWP) on new, 10-year FRI leases, commencing on 1 April 2018.

The properties, 85 per cent of which are located in town centre locations, are let at newly agreed market rents, subject to CPI-linked rent reviews.

The legal team advising Telereal Trillium assisted with a complex restructuring exercise by the client prior to the sale and the subsequent sale and purchase of London Wall Outsourcing Holdings Limited. 

The matter was led by London office managing partner Andrew Jenkinson, and included partners Samantha Roberts, Gareth Amdor, associates, Chloe Man, Dani Khang, Emma McGrory and Laura Gould in the Global Corporate Group, Counsel Sarah Cunningham and associate Jamie Garside in Real Estate, Counsel Kamal Arulvel, partner Francisca Sepúlveda and associate Chu Ting Ng in the Financial Industry Group.

Eversheds Sutherland and EY advised Elite.