CMS and Taylor Wessing centre stage as billionaire businessman buys Theatre Royal Haymarket
Sir Leonard Blavatnik acquires famous West End theatre in reported £45m deal
July 05, 2018 at 05:04 AM
2 minute read
CMS and Taylor Wessing have taken lead roles on the sale of the Theatre Royal Haymarket in the West End to billionaire businessman Sir Leonard Blavatnik.
The Grade I listed building is London's third-oldest operational theatre, dating back to 1720.
It has been sold to Access Entertainment, a division of Blavatnik's Access Industries, for a sum understood to be about £45m. Blavatnik is among the richest people in the UK, with an estimated net worth of more than £15bn.
Taylor Wessing acted for Access Entertainment on the deal with a team led by real estate head Keith Barnett, while CMS corporate co-head Iain Newman acted for Louis I Michaels Ltd, the company named after the theatre's former leaseholder.
Commenting on the deal, Barnett said: "Theatre Royal Haymarket is a fantastic addition to Access Entertainment's growing portfolio. The company has built an excellent reputation in the arts and entertainment sector, and this acquisition has certainly contributed to their plans for future growth."
In June, Taylor Wessing announced that head of the firm's disputes and investigations practice and co-head of international litigation Shane Gleghorn will succeed longstanding UK managing partner Tim Eyles when he steps down in on 1 October this year. Glenghorn will inherit the role after a year in which the firm posted a record UK revenue figure of £144.6m, alongside a 12% increase in global revenue to £301.5m.
Meanwhile, CMS posted global revenues of €1.3bn (£1.15bn) for 2017, in the firm's first financial results since its three-way merger with Nabarro and Olswang. Turnover for its UK LLP, which legacy Olswang and Nabarro are now part of and which operates to a 30 April year-end, surpassed its budget to reach £518m for 2017-18.
In June, the firm acted for a joint venture comprising one European and two Asian investors through global asset manager AXA Investment Managers (AXA IM) on the £650m sale of City skyscraper Ropemaker Place.
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