Latham, Freshfields land advisory roles as Clifford Chance HQ sold to consortium
Latham & Watkins, Freshfields Bruckhaus Deringer and Clifford Chance (CC) have landed the leading roles advising on the sale of a majority stake in CC's own Canary Wharf headquarters.
June 25, 2014 at 01:11 PM
2 minute read
Latham & Watkins, Freshfields Bruckhaus Deringer and Clifford Chance (CC) have landed the leading roles advising on the sale of a majority stake in CC's own Canary Wharf headquarters.
State-owned insurer China Life company has partnered with sovereign wealth fund investment house Qatar Holding to buy 10 Upper Bank Street for £795m.
China Life has acquired a 70% stake in the 30-storey skyscraper, while Qatar Holding has bought 20%. Property owner Canary Wharf Group, which is owned by Songbird Estates, has held on to the remaining 10% and will be the consortium's asset manager. Qatar Holding is a shareholder in Songbird.
Latham advised China Life with a team led by Hong Kong corporate partner Cathy Yeung, who was supported by a London-based trio comprising corporate partner Graeme Sloan, finance partner Lucy Oddy and real estate counsel Simon Graham, as well as Hong Kong finance partner Howard Lam.
CC, a longstanding adviser to the Canary Wharf Group, acted for the seller with a team including London real estate partner Michael Edwards and real estate finance partner Damian Perry.
Freshfields represented Qatar Holding on the deal with a team including real estate partner Alexander Watt, who also co-heads the firm's sovereign wealth funds group.
All of the office space in the building is leased to CC. Existing tenancy agreements have stayed intact. Annual rent on the building is £44.4m, and the main lease on the building is set to expire in 2028.
The news comes as CC continues to look for a tenant to sublet several floors of empty office space. Its search recently hit a setback after prospective tenant Transport for London (TfL) opted for a different location for its headquarters, after initially agreeing terms to take 220,000 sq ft.
CC also sublets space in the building to MasterCard, InfoSys, Total and the FTSE Group.
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