Simmons & Simmons has advised property investment manager Rockspring on the purchase of three off-plan deeds of sale; Rockspring acted in this matter for PanEuropean Property Investments. The deeds of sale were for three office buildings in Orléans, Nancy and Montpellier, with a combined value of over €50 million. The deeds of sale were signed with French property developer Groupe Lazard.
The Orléans Plaza building situated in the center of Orléans will develop 12.040 m² and 270 car parking spaces and will be delivered by the end of 2007. The Stanislas Plaza building situated in the center of Nancy will develop 7.274 m² and 71 car parking spaces and will be delivered by mid 2008. The City Plaza building situated in the center of Montpellier will develop 3.918 m² and 98 car parking spaces and will be delivered by the end of 2007.
Rockspring is a leading independent property fund manager, offering clients access to investment in commercial property throughout the UK and continental Europe. It has funds of more than €6.17 billion under management across 15 European countries. Rockspring currently manages a French portfolio of €120 million and has plans to invest further in France.
The Simmons & Simmons team was led by real estate avocat Edouard Vitry, assisted by Joanna Klat.
Rockspring was also advised by Atisreal, GZH NOTAIRES (Stéphane Zécévic) and Turnbull & Associés, technical adviser. Groupe Lazard was advised by Mrs Lotz, notaire. The financial arrangement was done by The Royal Bank of Scotland advised by Jones Day (Pierre-Nicolas Ferrand and Romain Rabillard)
Source: Simmons & Simmons