QNB instructs Eversheds on debt financing for The Shard
Eversheds is the latest firm to score a lead role on the development of London's iconic new skyscraper, The Shard. The firm won a role advising Qatar National Bank (QNB) on its recent debt and equity investment in the £2bn development. Real estate partner Nicholas Bartlett led the Eversheds team advising QNB, which provided at least £195m of debt with further debt expected.
February 27, 2008 at 09:36 PM
2 minute read
Eversheds is the latest firm to score a lead role on the development of London's iconic new skyscraper, The Shard.
The firm won a role advising Qatar National Bank (QNB) on its recent debt and equity investment in the £2bn development.
Real estate partner Nicholas Bartlett led the Eversheds team advising QNB, which provided at least £195m of debt with further debt expected.
The transaction is the largest mandate Eversheds has received from QNB, with the firm fielding a 20-lawyer team from its London and Doha offices.
As well as providing the debt, QNB was part of a Qatari consortium including QInvest, Qatar Islamic Bank and Barwa, which teamed up to buy out two of the Shard's existing owners – CLS and Simon Halabi.
The consortium is joining forces with the other Shard stakeholder, Sellar Property Group, to continue the development of the site. When complete the building is set to be Europe's tallest mixed-use building.
Eversheds worked alongside a number of firms on the deal. Freshfields Bruckhaus Deringer real estate partner Annette Byron advised the consortium – represented by Financiere Centuria – on the incoming equity investments, while Olswang and Herbert Smith provided advice to Halabi and CLS respectively.
Meanwhile, Rosenblatt Solicitors corporate finance partner David Fairfield led a team acting for Sellar. Sellar had previously turned to Ashurst for work on The Shard, with the City firm still keeping a role for Teighmore developers.
Eversheds' Bartlett commented: "The transaction was extremely complex due to the size and nature of the development and Islamic investment structure. Our team devoted themselves over the Christmas period to get this transaction over the line."
Last year Legal Week reported that The Shard had already secured pre-lets with Transport for London (TfL) and Shangri-La Hotels & Resorts. TfL will be the first tenant in the building, occupying the first 10 floors, while the hotel group has leased 200,000 sq ft over 18 floors. Both received real estate advice from Clifford Chance.
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