CMS and Dentons lead on £650m sale of London skyscraper Ropemaker Place
Pair advise on sale of City skyscraper to subsidiary of Singapore's Ho Bee Land
June 18, 2018 at 12:40 PM
2 minute read
The original version of this story was published on Law.com
CMS and Dentons have taken lead roles on the £650m sale of City skyscraper Ropemaker Place.
The 21-storey building has been acquired by a subsidiary of listed Singaporean property group Ho Bee Land, from a joint venture comprising one European and two Asian investors through global asset manager AXA Investment Managers (AXA IM).
CMS advised AXA IM on the deal, with a team led by London real estate partners Simon Staite and Barry Morris, funds partner Amanda Howard, tax partner Nick Burt and construction partner Alistair McGrigor.
Dentons acted for Ho Bee Land, fielding a team comprising London corporate real estate partner Matt Tinger and real estate partner Simon Masri.
CMS's role on the deal comes after legacy Nabarro acted for AXA on the purchase of Ropemaker Place for £472m from British Land in 2013, before its three-way merger with CMS and Olswang.
Staite and Howard also acted on the 2013 acquisition, when British Land turned to legacy SJ Berwin with a team led by London real estate partners Bryan Pickup and Darren Rogers, and corporate real estate partner Michael Goldberg.
On Friday, CMS posted its first combined financial results since its merger. Global revenue climbed 31% in 2017 to €1.3bn (£1.15bn) for 2017, with the results including eight months of turnover from the two legacy firms. CMS's UK LLP saw revenue climb to £518m.
Meanwhile, Dentons posted a double-digit increase in revenue for its UK and Middle East (UKME) arm alongside a sharp rise in profit per equity partner (PEP).
Revenue hit £203.1m, an increase of 22% on £166.4m in 2016-17, while PEP shot up by 36% to £651,000. The figures include revenues from Scots firm Maclay Murray & Spens, which Dentons merged with in November last year.
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