14 November 2012
Nabarro has advised Canada Pension Plan and Hammerson on the £200m sale of 10 Gresham Street in the City of London to Kumpulan Wang Amanah Pencen (KWAP), the Malaysian state pension fund. The sale of this prime office building is in line with Hammerson's strategy to focus on retail assets.
10 Gresham Street is prime City core, and comprises 260,000 sq ft of high quality offices, designed by Foster & Partners. Lloyds TSB Bank is the principal tenant.
Nabarro also acted on the purchase of the building in August 2010 when the joint venture partners acquired the property from German open end fund, Union Investment.
The Nabarro team advising on the transaction was led by real estate partner Simon Staite, with support from senior associates Ian Craig (real estate), Andrew Elliott (funds & indirect real estate) and Philip Anderson (tax), as well as associate Michael Harris (funds & indirect real estate).
Simon Staite, partner at Nabarro, said:
"This deal highlights that demand remains strong for prime City real estate, which inward investors from around the world are targeting attracted by not only the perceived security of London but also the quality of buildings and tenants. We have been very busy both selling and buying high value buildings for our clients over the last three years."
KWAP was represented by Berwin Leighton Paisner.
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