CC and BLP win lead roles on sale of A&O headquarters to JP Morgan
Clifford Chance (CC) and Berwin Leighton Paisner (BLP) have won lead roles on a major City real estate deal which has seen the ownership of Allen & Overy's (A&O) City headquarters change hands. CC advised Hammerson and Oman Investment Fund (OIF) on the deal, which saw the pair sell their 25:75 joint venture - whose principal asset is the long leasehold interest in the Bishops Square offices in London's Spitalfields - to JP Morgan Asset Management.
December 16, 2010 at 09:23 AM
2 minute read
Clifford Chance (CC) and Berwin Leighton Paisner (BLP) have won lead roles on a major City real estate deal which has seen the ownership of Allen & Overy's (A&O) City headquarters change hands.
CC advised Hammerson and Oman Investment Fund (OIF) on the deal, which saw the pair sell their 25:75 joint venture – whose principal asset is the long leasehold interest in the Bishops Square offices in London's Spitalfields – to JP Morgan Asset Management.
The deal saw the Bishops Square property – of which A&O rents 71,900 sq m of office space – valued at £557m.
BLP advised two funds of JP Morgan Asset Management on the purchase of the assets, which saw Hammerson take net proceeds of £79m. Deloitte also advised JP Morgan Asset Management's funds, while Jones Lang LaSalle advised the sellers on the deal.
Hammerson sold a 75% stake to OIF in June 2009 and accounted for its 25% interest as an associate, with CC advising Hammerson on the deal while DLA Piper advised OIF.
CC London real estate head Jonathan Solomon is a longstanding adviser to Hammerson and has advised on the Bishops Square development for 15 years. He started the work while a partner at Norton Rose and brought it with him when he joined CC in 2000.
It is understood that JP Morgan Asset Management is a relatively new client of BLP, with Linklaters having previously taken major roles for the investor.
Addleshaw Goddard also won a role on the deal, advising a syndicate of banks led by Bayerische Landesbank, which provided the funding for the deal, with a team led by head of real estate finance Paul Salsbury and legal director Rhodri Davies.
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