Advice to RWE npower on North East HQ Office Acquisition
22 May 2009
Burges Salmon has advised client RWE npower on its acquisition from Northern Rock of 220,000 sq ft of offices at Rainton Bridge in Sunderland, believed to be the largest office transaction in the North East for over a decade.
The purchase will allow npower, one of Britain's largest gas and electricity suppliers, to relocate staff currently based in Newcastle, in 2010. The deal includes the recently completed office space plus 6.5 acres of adjoining expansion space.
Partner and Head of Real Estate Investment, Richard Clark, who led the Burges Salmon team assisted by senior real estate associate Matthew Sims, commented:
"We are delighted to have advised RWE Npower on this substantial strategic acquisition. This was a complex transaction in a tight timescale which required specialist advice from a number of our teams, including construction, planning, tax and employment. It is an excellent example of the quality of work which our highly regarded real estate team is continuing to attract."
Rob Laddle, RWE Npower's Head of Property and Workplace Resourses, said:
"We are delighted to have concluded this acquisition - it is excellent news for our business and our people. The Burges Salmon team provided first class and robust technical and commercial advice enabling a complex deal to be successfully concluded in a very tight timescale."