Morton Fraser acts for Curo Property Funds in £42 million acquisition
Posted: Wednesday 30 December 2009
Morton Fraser’s Property Funds Team acted again recently for Curo Property Funds LLP – This time in the acquisition of The Rotunda leisure scheme in Kingston Upon Thames for £42 million. The scheme provides 170,000 sq ft of leisure accommodation anchored by a 14 screen Odeon Cinema, David Lloyd Healthclub and Tenpin bowling alley. Other tenants include; Pizza Express, Frankie & Benny’s and Prezzo. Curo is an independent property fund and asset management company set up by Rob Corlett and Kevin Crighton in 2005 (and now also joined by Neil Gullan).
We supported the client in setting up a corporate structure for private investors (a UK limited partnership, and a UK unit trust feeder for exempt investors), advising on English property aspects and providing advice on the loan facility of £28 million from Santander Corporate Banking to support the acquisition. Curo raised some £18 million of private equity sourced via the IFA market, primarily comprising SIPP pensions and cash investors.
Rob Corlett of Curo said:-
“We’ve had an excellent service from Morton Fraser throughout and the various teams including corporate, property and finance have coordinated themselves as they should have done - without us having to discuss what we’ve just agreed with another team. Overall the level of service has been first class whilst the costs have also been very competitive.”
Christian Hook, Morton Fraser partner and head of the Property Funds Team said:-
“It has been a hugely satisfying result for Curo to get this deal over the line in difficult market conditions. We were able to bring together experts in different fields within the firm and a fantastic team effort was made by our corporate, banking, property and construction teams. This is just one example of Morton Fraser’s capabilities in cross border transactions and is one of an increasing number of property fund deals which we are pleased to have been involved in.”
If you would like more information on the work our Property Funds Team does, please contact Christian Hook on 0131 247 1000.
