Geldards advises local authority trading company on £20m property portfolio acquisition

TBG Open Door is part of The Barnet Group, a local authority trading company wholly owned by the London Borough of Barnet.

The local authority trading company was first established to meet the the council’s local housing requirements, which are expected to grow significantly in the years to come. 

The deal was led by Real Estate Partner Jessie Blain, with support from Partner and Head of Real Estate Susanne Bradley, who guided the structural elements of the deal and settled any key issues; along with other members of the firm’s real estate team. 

It added that the team “provided full legal support throughout the acquisition process, including comprehensive due diligence, negotiation of contractual terms, and the completion of the transaction”.

The Barnet Group comprises several subsidiaries including Barnet Homes, which manages more than 13,000 council homes on behalf of the council and leads homelessness prevention and housing allocation services.

The group also includes Opendoor Homes, a registered provider; Bumblebee Property, an online estate agent and lettings service; Your Choice Barnet, delivering adult social care services; and TBG Flex, which supports workforce resourcing across the Group.

Jessie Blain said: “We are delighted to have supported TBG on this strategically significant acquisition. The scale and complexity of the portfolio required robust legal oversight and commercial insight, and it has been a privilege to continue to work with TBG on delivering this outcome efficiently. The acquisition aligns with TBG’s mission to secure high-quality assets that support its wider community and housing objectives and demonstrates continued support to the property market and housing in London.”

Shahid Navapurwala, The Barnet Group, said: “Jessie Blain played a vital role in handling this complex transaction, she displayed the utmost due diligence when executing the transfer for TBG Open Door Limited.  A complex lease agreement, time taken to get the required indemnity policies, and the multiple moving parts that needed to come together simultaneously, were just a few of the additional pressures Geldards had to endure….

“The acquisition represents an important milestone in our ongoing property growth strategy.  These properties will play a key role in providing homes for residents of Barnet and contribute to the sustainable delivery of services.”