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Nabarro seals City duo for Great Portland on the same day
21 May 2010
Nabarro LLP has advised Great Portland Estates plc (GPE) on the creation of The Great Star Partnership (GSP), a new 50:50 joint venture with an affiliate of Starwood Capital Group Global, L.P., and the acquisition of two multi-let City buildings as the joint venture's first investments.
The first of GSP's acquisitions is City Tower, 40 Basinghall Street, EC2, which was previously owned 100 per cent by Starwood. City Tower is valued at £35 million and is a 20 storey office building in a prime City location and held on a long lease from the City. On the same day, Nabarro also completed for GPE what will be GSP's second investment - the adjoining building, City Place House. City Place House was acquired for £94 million. GPE intends to contribute that property into GSP.
Partner Caroline Maude led a multi-disciplinary team, including fellow partners Barry Morris, Chris Luck, Habib Ullah and Simon Rose and associates Nathan Rees, Stewart Whittle and Fiona Hicks-Wright. The Nabarro team acted on all aspects of the joint venture and acquisition for GPE, including property, corporate, tax and banking. White & Case acted for Starwood. BLP acted for AEW.
Commenting on the deal, Caroline Maude said "To sign both deals on the same day is a great result and a testament to the enthusiasm that both partners and their teams have for this new exciting venture." Anoushaa Massouleh
For further information contact:
Lansons Communications
T +44 (0)207 566 9721
anoushaam@lansons.com
