Firms lead on £265m sale of City office to Canadian pension fund

Freshfields Bruckhaus Deringer and Lawrence Graham (LG) have taken lead roles on the £265m sale of landmark City office site Woolgate Exchange (pictured) to a Canadian pension fund.

The 351,000 sq ft property, whose tenants include US law firm Sidley Austin, has been sold to a joint venture between Ivanhoe Cambridge – the real estate arm of Canadian fund manager Caisse de depot et placement du Quebec – and US private equity house TPG.

The high-rise building, acquired by Irish investors D2 Private in 2006, was taken under the control of loan servicer Capita Asset Services and accounting firm Menzies' business recovery arm in early 2012, shortly after it was put up for sale.

Capita and Menzies instructed LG on the deal, with the UK firm fielding a team including real estate partner Christine Jackson, head of finance and restructuring and Capita client relationship partner Nick Turner, restructuring and insolvency chief Brett Israel and tax partner Elliot Weston.

Jackson said: "It's been an exciting and challenging deal to act on, with many twists and turns. I believe it has been one of the most complicated receivership sales to date in respect of such high-value assets.

"This deal proves that, in considering enforcement options, the appointment of receivers is not necessarily a final option and you can successfully use the receivership route without damaging value."

Freshfields real estate partner Alex Watt and banking partner Jeffrey Rubinoff advised the joint venture vehicle, flanked by tax partner Jill Gatehouse, Germany-based real estate partner Thorsten Kleine and restructuring counsel Anne Sharp.

TPG instructed Cleary Gottlieb Steen & Hamilton on funds issues, while Paul Hastings London finance partner Conor Downey advised the junior creditor on the deal.