Deal Helps Take Landmark’s Ground Rent Portfolio Past 10,000 Properties
By David Shirt
The Manchester office of law firm, Irwin Mitchell, has advised Landmark Investments Group on a deal which sees the Bolton-based business purchase the ground rents for more than 600 properties across Salford.
Acquired from regeneration specialist, LPC Living, the portfolio consists of a number of sites including Hulton Square and Radclyffe Park.
Patrick Sheehan, a Real Estate associate at Irwin Mitchell who acted for Landmark on the deal, said: “This is a significant boost for Landmark which takes its commercial and residential ground rent portfolio over 10,000 units, with a value of approximately £12million. The company is clearly ambitious and we are delighted to have advised and supported the deal.”
Mark Hawthorn, managing director, commented: “Although the price paid is very strong and was done via competitive tender, we are happy with our purchase. The profile of the stock sits very well within our larger portfolio and will perform very well over the life of the asset.
“The purchase, along with a number of other recent acquisitions, has pushed our portfolio over 10,000 units, which is a significant stage in our business growth plan. We are geared around 55 per cent and are now using private funds as opposed to bank debt which gives us far greater flexibility and spending power.
“The purchase was complex due to the size of deal, but both lawyers were prepared to work late to ensure a quick completion was effected.”
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