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News Release

Virgin Media Leasehold Liability Transfer

Virgin Media has today announced it has successfully transferred the lease liabilities and management responsibility of its surplus property portfolio to Legacy Portfolio, a leading lease liability specialist.  The portfolio comprises of 28 office buildings spread across the UK, with a total floor area of 530,000 square feet.

The transaction incorporates the transfer of risks and obligations of the surplus properties to Legacy Portfolio.  The company has previously acquired surplus portfolios from Wolseley and EMAP and successfully progressed both of these transactions.

Mike Evans, director in Jones Lang LaSalle’s Corporate Capital Markets team, said; "We are very pleased to have worked in partnership with Legacy Portfolio on the pricing, commercial and financial structuring of the portfolio resulting in a compelling and successful bid to Virgin Media. The successful completion of this transaction serves to underscore the growing trend of Corporates to focus on alternative and original means in disposing of their onerous leasehold liabilities. We expect the recent growth that we have seen in this exciting market to continue during the year.”

Paul Harris, Executive Director of Property at Virgin Media, said “We are pleased to have transferred the management obligations of our surplus properties to Legacy Portfolio. This now enables the team  to focus on adding value to our operational estate of over 650 properties rather than spending resources and time managing a diverse non core-portfolio.”

Alexander Anton, Chairman of Legacy Portfolio, said; "Legacy is delighted to have acquired the Virgin Media portfolio, securing its reputation as the leading player in the growing market for acquiring surplus lease liabilities.  Having successfully de-risked Wolseley UK from its surplus portfolio within twelve months, we are looking forward to working with Virgin Media to achieve the same result.  This transaction endorses the success of the Legacy model for corporates both in the UK and USA."

Cushman & Wakefield, Ashurst and HBJ Gateley acted for Virgin Media. Fraser CRE, Jones Lang LaSalle, Slaughter and May, Smith & Williamson and Brook Street des Roches acted for Legacy Portfolio.