CC and Norton Rose sail in for QE2 sale
Clifford Chance (CC) and Norton Rose have advised on the $100m (£50m) sale of iconic ocean liner the QE2 to Dubai World as the vessel with its own fan club sails off into the sunset to become a luxury floating hotel. CC advised Istithmar - the real estate investment arm of government-owned Dubai World -- fielding a team led by transactional shipping partner Paul Turner, who was assisted by senior associate Alex Denoon.
June 20, 2007 at 01:10 PM
2 minute read
Clifford Chance (CC) and Norton Rose have advised on the $100m (£50m) sale of iconic ocean liner the QE2 to Dubai World as the vessel with its own fan club sails off into the sunset to become a luxury floating hotel.
CC advised Istithmar – the real estate investment arm of government-owned Dubai World – fielding a team led by transactional shipping partner Paul Turner, who was assisted by senior associate Alex Denoon.
The magic circle firm has previously advised Dubai World on a number of transactions but this instruction – won in a competitive pitch in April – represents CC's first in shipping.
City rival Norton Rose advised Carnival, which owns QE2 vendor Cunard, led by asset finance partner Gordon Hall.
The QE2, which was launched by Queen Elizabeth II 40 years ago, is to be refurbished in line with its original decor and become a floating hotel in Dubai's Palm Jumeirah – the string of reclaimed islands in the shape of a palm tree.
Commenting on the acquisition, Turner said: "This is a unique deal. I am not aware of a cruise ship of this vintage being given a second life in this way – she has an incredible following in the UK and the US and will now be somewhere people can spend a night as part of a broader holiday package."
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