Trowers advises Midland Heart on 1,100 unit tenanted stock swap with Orbit Group
International law firm Trowers & Hamlins has advised Midland Heart on a deal with Orbit that will see 1,100 homes swapped between the two landlords.
The deal will see Midland Heart take on 620 tenanted units from Orbit, and Orbit take 526 from Midland Heart in a move that allows both to strengthen their regional focus.
By undertaking the transaction, Midland Heart will have a much tighter geographical focus in the East Staffordshire region, enabling it to deliver improved services to its incoming tenants.
The transaction was significant partly because of its scale; it was a large transaction for Midland Heart, which took substantial resources to deliver both from the client and the Trowers team.
Trowers were involved at all stages, from heads of terms, negotiating the conditional sale agreement, transfers, and assignments of leases through to completion
Real Estate partner Digby Morgan led the team with assistance from Rachel Beck, Kate Davies and trainee solicitor Yashpreet Panesar, with support from Mark Robinson and Abhishek Khanna in Construction.
"We are pleased to have assisted Midland Heart on what is a considerably large transaction for the region in a deal that is highly beneficial for both parties."