Nabarro advises Land Securities on sale of 50% of Thomas More Square office complex to Ontario Teacher's Pension Plan Board
11 December 2007
Nabarro has advised Land Securities on the sale of 50% of the Thomas More Square Estate, E1 to Ontario Teachers' Pension Plan Board for £131.5 million.
The 562,000 sq ft (52,223 sq m) complex was purchased in July 2007 by Land Securities and current occupiers including Skanska AB, Virgin Media, Svenska Handelsbanken, generate a current rental income of some £12.1m per annum.
The Nabarro team was led by real estate partner, Nicholas Vergette together with Chris Luck (Corporate Real Estate) and Michael Cant (Tax)."
Commenting on the sale, Nicholas Vergette, Real Estate Partner, said:
"This is the first time Land Securities has entered into a co-ownership agreement on one of its London properties and it is also one of the few times that the Ontario Teachers' Pension Plan Board has bought UK real estate. It was a complex transaction and we are very pleased to have successfully closed it for Land Securities."
Norton Rose and Canadian firm Davies Ward Phillips & Vineberg LLP advised The Ontario Teachers' Pension Plan Board.
If you have any queries please contact:
Nicholas Vergette
Partner, Nabarro
T +44 (0)20 7524 6329
n.vergette@nabarro.com
or
Rachel Skelton
Nabarro
T +44 (0)20 7524 6619
r.skelton@nabarro.com
