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MIPIM, Cannes & London, 8th March 2012

Bundle of lease liability deals for Jones Lang LaSalle

Jones Lang LaSalle has completed a clean sweep of deals in the bundled surplus leasehold liability sector, having advised purchasers on three transactions involving Carillion Plc, Virgin Media Inc and William Morrison Supermarkets Plc in the past three months. 

Jones Lang LaSalle acted for Legacy Portfolio in respect of the market-defining Wolseley Plc transaction in 2010 and the Virgin Media Inc transaction, and for Surplus Property Solutions in respect of the Carillion and the William Morrison Supermarkets transactions.

These types of transactions allow corporates to transfer a portfolio of leases to specialist lease liability managers in one transaction, allowing them to concentrate resources on their core business.

Commenting on the deals, Michael Evans, director of Jones Lang LaSalle’s Corporate Capital Markets team, said; “These deals demonstrate a developing trend for corporates to find a one stop solution for their onerous leasehold liabilities. We expect the recent growth that we have seen in this exciting market sector to continue.”

Jeremy Day, Head of National Accounts at Jones Lang LaSalle, added; “This is about finding the right partner to solve the problem of vacant properties within a portfolio. It is not only about defining the process, it allows corporates to focus on their core business activities and clean up their balance sheets, enabling both time and cost savings.”

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