BDB Pitmans advises Monday Charitable Trust on the sale of the Royal College of Art Battersea North campus
BDB Pitmans has acted for long-standing client Monday Charitable Trust on its disposal of the Royal College of Art (RCA) Battersea North campus to clients of LaSalle Investment Management for £14.2 million. The transaction also involved the restructuring of the long leasehold interest of the RCA.
Monday Charitable Trust is a grant making foundation, which aims to improve life chances of disadvantaged and often marginalised groups in the United Kingdom, by supporting registered charities that work to tackle disadvantage, predominantly in the fields of housing, education, welfare and social mobility.
The Battersea North campus is comprised of three educational buildings, the Sackler, Dyson and Woo buildings, which were purpose built by and are subject to a long lease to the RCA, the world’s leading art and design university. The campus occupies a prime central London location close to Battersea Bridge.
The BDB Pitmans team acting on this transaction was led by head of real estate Jonathan Fewster, assisted by associate Laura Vasili. Tax support was provided by tax consultant Anthony Davis. Reena Patel of Gowling acted for LaSalle Investment Management and Catriona Berman of Stephenson Harwood acted for RCA.
Jonathan Fewster, partner at BDB Pitmans, comments:
‘Monday Charitable Trust has a long-standing association with the RCA and this transaction represents a close collaboration between MCT and the RCA to identify a purchaser that was suitable for both parties. We are delighted to have assisted with this significant sale which will realise funds for the Trust’s future charitable purposes and grants.’
Stephen Lewin, MCT’s general manager, said:
‘This was a long and complex sale, which continued through the COVID-19 pandemic. The BDB Pitmans team provided immense support throughout. Jonathan Fewster’s advice was always practical, considered and pragmatic, while Laura Vasili left no stone unturned with her efficiency and attention to detail, which were essential elements in achieving the successful completion of the sale.’