UK: Wragge & Co Advises Inland Revenue on Tax Credit Contact Centre
Last Updated: 22 April 2004

Wragge & Co Real Estate LLP has advised the Inland Revenue and national property outsourcing company Mapeley Limited on the acquisition of a new 64,000sq ft office development in Newcastle-upon-Tyne. The deal is one of the largest acquisitions under the Revenue’s STEPS (The Strategic Transfer of Estate to the Private Sector) property outsourcing programme since the scheme was established in 2001.

The newly-built Quorum 2 Building, located on the Balliol Business Park on the northern edge of the city, will house a high profile new Inland Revenue call centre dealing with tax credits, creating up to 500 jobs. The Inland Revenue has taken on a 15-year lease assisted by Mapeley which located the premises.

STEPS was set up in 2001 between property outsourcing company Mapeley Limited and the Inland Revenue and Customs & Excise, in which Mapeley purchased the government agencies’ portfolio of over 600 buildings, which it leases back as fully-serviced accommodation under a 20-year agreement. Mapeley is also responsible for the acquisition and facilities management of new premises as they are required and the disposal of property no longer needed.

The Wragge & Co team was led by associate Kultar Khangura, assisted by property associate Robert Thompson, assistant Mark Blair and construction associate solicitor Patrick Garner. Pinsents partner Jonathan Brocklehurst acted for the landlord, pension fund The Trustees of the 2001/2002 Balliol (No 2) Syndicate.

Kultar Khangura said: "We were pleased to continue our strong relationship with the Inland Revenue and Mapeley, for whom we have now completed around 20 acquisitions under the STEPS contract,"

Mapeley Limited is a property outsourcing company established in1999 which currently owns and manages the freehold or leasehold of over 2,000 buildings totalling 2.25 million sq m of space, including the 1320-property portfolio of Abbey National. The company has turnover of around £300 million per annum and it has assets totalling approximately £800 million. Mapeley's shareholders are Soros Real Estate Partners, Fortress Investment Group, Delancey Estates and Mapeley's management team.

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