Legacy Portfolio acquired Virgin Media’s surplus property portfolio, consisting of 28 office buildings across the UK, on 14th February 2012. Legacy successfully de-risked Wolseley UK from its surplus portfolio within twelve months, and will look to achieve the same result working on Virgin Media’s portfolio.
Legacy worked with its specialist team of advisors to agree the price and structure of the transaction, including: FraserCRE, Jones Lang LaSalle, Slaughter and May, Smith & Williamson, BrookStreet des Roches and Brown Rudnick.
Paul Harris, Executive Director of Property at Virgin Media, said:
“We are pleased to have transferred the management obligations of our surplus properties to Legacy Portfolio. This now enables the team to focus on adding value to our operational estate of over 650 properties rather than spending resources and time managing a diverse non core-portfolio.”
Press coverage relating to this transaction:
Property Week, CoStar, Bloomberg, Business Week, Estates Gazette