First Title Provides Title Insurance to Pinnacle for Multi-Country Transaction
June 9, 2008, LONDON
First Title Insurance plc (first Title), a subsidiary of First Title plc and the largest provider of title insurance in the United Kingdom and Europe, is pleased to announce that it is providing title insurance to Pinnacle Real Estate—a leading developer and operator of warehouses in Central and Eastern Europe (CEE).
First Title provided comprehensive title insurance allowing Pinnacle to be acquired in a complex 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 metres, as well as a land bank of nearly 1.5 million square metres for future development.
Pinnacle was founded seven years ago and, in that time, the company has successfully grown into one of the leading developers in logistics warehousing in the Central and Eastern European market. With offices in the Czech Republic, Poland and Slovakia, Pinnacle is well positioned to benefit from the positive economic development taking place in the region.
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.
About First Title plc
First Title plc has nine offices throughout Europe—five offices in the United Kingdom and elsewhere in Germany, Poland, Hungary and Turkey—with more than 600 employees. It provides a wide range of innovative products that enable lawyers, mortgage lenders and estate agents to deliver more efficient and advanced service to their property clients. More information about the company can be found at www.firsttitle.eu. First Title is a wholly owned subsidiary of The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889. First American is America’s largest provider of business information, supplying businesses and consumers with valuable information products to support the major economic events of people’s lives. Additional information about the First American Family of Companies can be found at www.firstam.com.