First Title Provides Title Insurance to Pinnacle
June 9, 2008
First Title Insurance has provided title insurance to developer and operator of warehouses in Central and Eastern Europe Pinnacle Real Estate.
The move will allow Pinnacle to be acquired in a cross-border transaction without the need to give warranties on title.
The transaction included an existing portfolio of leased warehouses of approximately 230 000 square meters, as well as a land bank of nearly 1.5m square meters for future development.
Andrew Jackson, managing director of CEE operations for First Title, said: “This transaction highlights one of the key benefits of title insurance – our product replaced warranties leaving the seller with no contingent liabilities upon closure of the transaction. First Title was pleased to have the opportunity to develop a complex, tailored policy to help Pinnacle reach its goals. This is an excellent example of how title insurance can enhance value and facilitate the disposal or acquisition of property.”
Martin Carr, chief executive officer of Pinnacle, said: “We were delighted to have been able to secure a full package of title insurance for all of our assets from First Title. This transaction involved a multi-country portfolio of over six sites across Central and Eastern Europe. The team at First Title responded quickly to our requirements and were professional throughout the process. Their presence added significant value to ensuring the eventual success of this large-scale and complex deal.”
Source: First Title