Nabarro and SJ Berwin secure lead roles on £358m 'swap' of prime London real estate
Nabarro and SJ Berwin have taken lead roles on a London property swap deal worth around £358m between Great Capital Partnership (GCP) and the Crown Estate.…
March 05, 2008 at 09:40 PM
2 minute read
Nabarro and SJ Berwin have taken lead roles on a London property swap deal worth around £358m between Great Capital Partnership (GCP) and the Crown Estate.
The transactions, which involved 10 properties across Regent Street, High Street Kensington and Sackville Street, saw Nabarro advise GCP with SJ Berwin advising long-standing client Crown Estate.
GCP -a joint venture between Great Portland Estates and Liberty International subsidiary Capital & Counties – swapped three of its properties in exchange for three new leaseholds, one freehold and better terms on several other leaseholds. In total, the deal involved 580,000 sq ft of central London property.
Real estate partner Caroline Maude led a Nabarro team of 12 property and tax lawyers, including property partner Barry Morris.
Morris told Legal Week: "Both sides win. For GCP, it creates more flexible leasehold interests, allowing greater freedom to actively manage and redevelop."
Both Capital & Counties and Great Portland are regular clients of Nabarro and the firm has previously advised the companies on matters including the creation of their joint venture in April 2007.
SJ Berwin real estate partner Bryan Pickup led the team for Crown Estate that manages real estate on behalf of the monarchy and the government.
He told Legal Week: "Both sides worked together well and the deal was completed in record time. This enables our client to expand, develop and enhance the quality of its Regent Street properties."
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