International law firm Trowers & Hamlins has advised North London NHS Foundation Trust (NLFT) on a new transaction, which will allow the historic St Pancras Hospital site to be sold and developed.
NLFT provides high-quality mental health care for people of all ages across the London boroughs of Barnet, Camden, Enfield, Haringey and Islington.
Trowers originally advised the Trust in 2017, when the site was put forward for substantial redevelopment and repurposing. King's Cross Central Limited Partnership were selected as the development partner following procurement competition, which resulted in a Master Development Agreement. Trowers was re-appointed to negotiate a revised deal alongside AspireDM and CBRE as the Trust's commercial advisers. The team brought forward a new transaction, which will allow the hospital to be sold and developed, whilst the Trust retains the south wing of the site for future service provision.
Chris Plumley, Partner in Real Estate, commented:
"We are delighted to have advised the Trust on this innovative transaction which has resulted in a positive outcome for both the trust and the developer. The complexity of the arrangements and the need to align the parties' objectives made this an especially satisfying result. This transaction with allow the trust to sell the site whilst retaining the south wing and generating a substantial capital receipt for the NHS."
The Trowers team included Assad Maqbool (Projects and Construction), Chris Plumley, Shahliza Chaudary, Dr Rebecca Rees, Vicki Palmer (Real Estate) and Lucy James (Commercial Disputes).
