IWG has advised the former management team of the Structured Property Finance division of Heritable Bank plc (in administration) on their acquisition, via a newly formed entity, of the structured property finance loan book of Heritable Bank. The transaction was completed on 13 April 2012.
Heritable Bank, a UK registered bank founded in 1877, was placed in administration in October 2008 following the failure of its parent company, Landsbanki Islands hf of Iceland.
Before entering administration, Heritable Bank, through its Structured Property Finance division, was a significant provider of development finance for mid-market property developers across the UK. The majority of such developments were situated in London and the South East.
The purchasing vehicle, Heritable Partners Ltd, is owned by the management team of the Structured Property Finance division of Heritable Bank plc and led by Nick Barrett. The team has more than 40 years of experience working in the sector, and, for the three years prior to the acquisition worked with the administrators of the bank, Ernst & Young, on managing and running down the loan book.
The administrators of Ernst & Young were advised by Freshfields Bruckhaus Deringer on the sale.
The IWG team was led by Colin Winter, assisted by Tanveer Tarafdar.
Further information on Colin Winter, Tanveer Tarafdar and IWG’s corporate team can be found on the Meet the Team and the Corporate pages.