Shearman & Sterling's London arm has advised the chief executive of property developer Stanhope on a deal that sees him take a controlling stake in the company.

The high-profile deal, which was signed on 8 May for an undisclosed value, saw Shearman advise Stanhope's chief executive, David Camp, and Stanhope's holding company, with property partner Ian Nisse leading the team.

Nisse, who joined Shearman from Ashurst in October 2004, was assisted on the transaction by property associates Alan Gutteridge, Lucy Keeble and Sebastian Shorr.

The deal saw one of Stan-hope's main shareholders, Sir Stuart Lipton, sell his stake in the company, an organisation he founded more than 20 years ago. Lipton was advised by Herbert Smith corporate partner Gavin Davies.

Stanhope's technical director, Peter Rogers, also sold a substantial part of his share in the company, and was advised by Linklaters corporate consultant Catriona Lloyd, assisted by corporate associate James Abbott.

The deal was secured with investment from property entrepreneurs Ian Laing and Nick Cross, who were advised by Manches corporate partner Peter Angel.

The deal puts Shearman in pole position to advise Stanhope in the future. Both the US firm and Herbert Smith have worked with the company in the past, with Shearman recently advising Stanhope and Schroder Exempt Property Unit Trust on the £250m acquisition of three development sites near Fenchurch Street and at 8-10 Moorgate.