Nabarro and Trowers lead on £500m sale of One Exchange Square and Olswang's City HQ
Nabarro and Trowers & Hamlins have taken lead roles on a £500m City property deal which has seen One Exchange Square and Olswang's London offices at 90 High Holborn change hands. The transaction saw Malaysian state-owned asset management company Permodalan Nasional Berhad (PNB) purchase the two office sites from German fund manager KanAm.
March 15, 2012 at 08:03 PM
2 minute read
Malaysian asset management co purchases London office sites
Nabarro and Trowers & Hamlins have taken lead roles on a £500m City property deal which has seen One Exchange Square and Olswang's London offices at 90 High Holborn (pictured) change hands.
The transaction saw Malaysian state-owned asset management company Permodalan Nasional Berhad (PNB) purchase the two office sites from German fund manager KanAm.
PNB, which also owns Linklaters' One Silk Street City base, turned to Trowers for advice on the deal, with the UK top 50 law firm fielding a team led by London projects partner Nicholas Edmondes.
Meanwhile, KanAm instructed Nabarro, with City real estate partner Deborah Parry heading the firm's team.
One Exchange Square, which is situated in the City's Broadgate Estate and houses the European Bank for Reconstruction and Development, last changed hands in 2007 in a £406m transaction. That deal also saw Nabarro act for KanAm, while SJ Berwin acted for the seller – longstanding client British Land.
KanAm also owns Thomson Reuters' Canary Wharf offices and Deutsche Bank's UK headquarters.
Olswang moved into 90 High Holborn in December 2002 after securing a £12.5m windfall from the sale of the freehold to property company and key client Minerva earlier that year.
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