Mishcon de Reya has secured its first instruction for Capital & Counties by acting alongside Linklaters – on the acquisition of a 50% stake in one of West London's largest properties – the Empress State building in Earls Court – from Land Securities.

The deal saw Mishcons advise Capital & Counties – a subsidiary of Liberty International – on real estate aspects of the £107.75m acquisition, fielding a team under real estate chief Nick Doffman.

The firm first encountered Capital & Counties last year when it advised shareholders in Earls Court and Olympia conference and exhibition centres (EC&O) on the sale of a stake to Capital & Counties.

Linklaters has advised Capital & Counties on the corporate aspects of the Empress acquisition, which involved the creation of a 50:50 joint venture with Land Securities on the 30-storey building.

Real estate partner Anne Byrne led Linklaters' M&A team, with the firm also acting for Capital & Counties in relation to a simultaneous refinancing of the partnership through a joint £159m facility with Abbey UK Corporate Banking and Eurohypo.

Banking partner Jeremy Stokeld led the team advising Capital & Counties on financing matters. Allen & Overy banking partner Mark O'Neill advised the lenders.

Land Securities turned to Nabarro and Clifford Chance (CC) with Nabarro property partner Nicholas Vergette and CC property finance partner Mark Rees-Jones leading.

Mishcons' Doffman said: "Our real estate team welcomed the prospect of acting for Capital & Counties. Since their acquisition of shares in EC&O we have continued to act on their behalf on all property aspects of that business, and this latest transaction has been an opportunity to further cement the relationship."

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