Mishcon de Reya has advised long-standing client, Business Environment (BE), on the completion of a £65m refinancing of its property portfolio with HSBC. This follows BE's acquisition of four serviced office centres in London last year, on which Mishcon de Reya also advised.
The refinancing, alongside BE's recent sale and leasebacks of centres and successful trading, enables the independent serviced offices provider to add to its existing portfolio, with an aim to acquire five new centres across London over the next two years.
The Mishcon de Reya team simultaneously advised BE on the buyback of the majority of shares held by retired founders, Colin Gershinson and Bernard Klug. The remaining shares are held by the original co-founders of the business, Simon Rusk and David Saul, and by BE's executive directors.
Nick Davis, Head of the Corporate department at Mishcon de Reya, led the team, assisted by Partner Nick Strutt (Real Estate) and Associates Lucinda Cridland (Corporate) and Louise Cockburn (Real Estate).
Commenting on the transaction, Nick Davis said "This is an exciting time for BE, and we are proud to have acted for them again, advising on both the refinancing and the management buy-in. BE is set to continue to build on its impressive portfolio both inside and outside of London and we look forward to working with them on the continued growth and success of the business."
Simon Rusk, BE's Finance Director and Co-Founder, commented: "This successful refinancing enables us to take advantage of current market conditions to reinvest and acquire new centres across London. The deal ran very smoothly thanks to the guidance of our trusted advisors at Mishcon de Reya."