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Nabarro advises Land Securities on the sale of first new building development on Oxford Street for a generation
30 June 2010
Nabarro has assisted Land Securities Group Plc on the agreement to sell its Park House development on London’s Oxford Street for £250m, to Barwa Real Estate Company Q.S.C., a Qatari property company.
Land Securities has sold the uncompleted 310,000 sq ft retail and office property but will stay on as development manager of the scheme. Barwa Real Estate will pay £225 million immediately for the scheme, and £25 million on completion. It will also take on construction costs and will pay a profit share to Land Securities within a year of completion.
Nabarro advised Land Securities on the sale and purchase of the shares through a Jersey-incorporated entity as part of the transaction. Nabarro also advised on the completion of a development management agreement under which Land Securities will manage the implementation of the redevelopment of the property.
The Nabarro team was led by real estate partners Nicholas Vergette and Marc Franks, indirect investment partner, Chris Luck and tax partner, Michael Cant with assistance from Edward Morgan, Lee Sheldon, Rebecca Gill, Emma Tuppen and Lucy Grant. Barwa Real Estate Company Q. S. C was advised by Linklaters LLP.
Nicholas Vergette, real estate partner at Nabarro comments: “We are pleased to have worked with Land Securities on yet another exciting deal. The sale of the Park House development on Oxford Street will allow Land Securities to realise a majority of their profit ahead of schedule. This is probably one of the most expensive development sites sold in the UK and in these current times it is a very positive sign. It is also another example of continuing demand from overseas investors for trophy assets in Central London.”
If you would like any further information or have any queries please contact:
Nicholas Vergette
n.vergette@nabarro.com or 0207 524 6329
Jemma Parry
Lansons Communications
Jemmap@lansons.com or 020 7566 9706
