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Eversheds advises Co-op Bank on multi-million pound disposal

  • United Kingdom


    Law firm Eversheds has advised The Co-operative Bank plc (“Co-op Bank”) on its £157,500,000 disposal of Illius Properties Limited to Salmon Real Estate Limited.

    Illius, which manages a portfolio of residential properties, was established by Britannia Building Society and subsequently became part of the Co-op Bank following its merger with Britannia in 2009.

    The disposal of Illius is in line with the Co-op Bank’s previously stated strategy to dispose of its non-core assets.

    The Eversheds’ team was led by corporate partner Alistair Cree, with support from Elizabeth Tindall (associate, corporate), Nancy Brown (partner, real estate), Gemma Pendlebury (principal associate, real estate) and David Smith (principal associate, tax).

    Alistair commented:

    “The disposal of Illius Properties has been a fantastic deal to work on. It was a complex transaction due to the number of properties involved. Bringing the deal to a successful completion is testament to the strength of Eversheds’ multi-disciplinary offering.”

    Andy Wackernagel, Co-operative Asset Management, said:

    “The disposal of Illius Properties advances the Bank’s stated strategy of disposing of its non-core assets. Alistair and the Eversheds team provided fantastic service and we look forward to working with them further in the future.”


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