Herbert Smith and SJB lead on £448m sale of Crown Estate London portfolio
Herbert Smith and SJ Berwin have won lead roles as Norway's Norges Bank Investment Management agrees to buy a 25% stake in the Queen's Regent Street property portfolio for almost half a billion pounds. The deal is expected to see Norges, which manages the Norwegian Government Pension Fund Global, pay £448m to buy the 150-year lease on the property portfolio from The Crown Estate. It marks the fund's first investment in real estate since the Norwegian Government gave permission to invest in the class on 1 March.
November 09, 2010 at 02:49 AM
2 minute read
Herbert Smith and SJ Berwin have won lead roles as Norway's Norges Bank Investment Management agrees to buy a 25% stake in the Queen's Regent Street property portfolio for almost half a billion pounds.
The deal is expected to see Norges, which manages the Norwegian Government Pension Fund Global, pay £448m to buy the 150-year lease on the property portfolio from The Crown Estate. It marks the fund's first investment in real estate since the Norwegian Government gave permission to invest in the class on 1 March.
Herbert Smith is advising Norges with a team led by City real estate partner Jeremy Walden.
Meanwhile, SJ Berwin is acting for longstanding client The Crown Estate on its sale of the stake. Real estate head Bryan Pickup (pictured) and City real estate partner Helen Willett are leading the team, with tax partner Giles Bavister also playing a significant role.
The deal will see the Norwegian fund receive 25% of the net income from the properties, while The Crown Estate retains 75%. The portfolio consists of 113 buildings, with retailers on Regent Street including Apple, Burberry, Banana Republic and Hamleys.
Norges' investment comes on the back of The Crown Estate's Regent Street regeneration programme.
Norges Bank Investment Management got the greenlight in March this year to invest as much as 5% of its assets in real estate in exchange for decreasing its fixed-income investments. The Regent Street deal is expected to complete by the end of March 2011.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Kirkland, Macfarlanes Act as Evelyn Partners Offloads £700M Professional Services Arm
2 minute read
Elon Musk Taps UK Top 50 Firm for London Launch of AI Business
Trending Stories
- 1'It's Not Going to Be Pretty': PayPal, Capital One Face Novel Class Actions Over 'Poaching' Commissions Owed Influencers
- 211th Circuit Rejects Trump's Emergency Request as DOJ Prepares to Release Special Counsel's Final Report
- 3Supreme Court Takes Up Challenge to ACA Task Force
- 4'Tragedy of Unspeakable Proportions:' Could Edison, DWP, Face Lawsuits Over LA Wildfires?
- 5Meta Pulls Plug on DEI Programs
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
