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Nabarro advises Great Portland Estates on £86m joint venture at 100 Bishopsgate
6 May 2010
Nabarro LLP has advised Great Portland Estates (GPE), the central London property investment and development company, on the formation of and sale of a 50 per cent interest in The 100 Bishopsgate Partnership to Brookfield Properties Corporation. The 100 Bishopsgate Partnership holds the 100 Bishopsgate development site in the heart of the City of London.
The joint venture between the two companies is to work towards the development of 100 Bishopsgate, London EC3, a prime site, within the City’s ‘Tower Cluster’ which, has planning permission for a 40 storey building providing 770,000 sq ft of office space, ancillary retail and a new public library, together with a second building of 49,600 sq ft containing offices and a new Livery Hall for The Worshipful Company of Leathersellers.
The Brookfield acquisition price for the 50 per cent interest was £42.975m.
The 100 Bishopsgate Partnership is the latest in a number of partnership structures put in place by Nabarro for GPE. On this occasion the Nabarro team consisted of real estate partners Deborah Parry and Marc Franks assisted by associate Hugh Picton-Phillips; indirect investment partners Christopher Luck, Peter Williamson assisted by associate Fiona Hicks Wright; tax partner Simon Rose assisted by associate Dan Kennedy; and construction partner, Penny Moore.
Fried, Frank, Harris, Shriver & Jacobson (New York and London) acted for Brookfield
Deborah Parry, real estate partner at Nabarro comments: "It has been great to continue our long standing relationship with GPE. The creation of this joint venture was challenging both in its intricacy and time scale, which we were able to meet. We successfully negotiated the required documents with all the interested third parties also, within the timescale. We are looking forward to continuing to work with the partnership and this exciting development opportunity".
If you would like any further information or have any queries please contact:
Deborah Parry
Nabarro
d.parry@nabarro.com
T +44 (0)20 7524 6317
or
Jemma Parry
Lansons Communications
jemmap@lansons.com
T +44 (0)20 7566 9706
