Nabarro advises on sale of One London Wall

Media > Press releases > One London Wall

28 March 2008

Nabarro LLP has acted on behalf of Hammerson plc and its joint venture partner Kajima on the sale of their long leasehold interest in One London Wall, for a total value of £136 million, to One London Wall Ltd.

One London Wall is an 18,500 m² office scheme in the City of London, and the purchaser, One London Wall Ltd is controlled by HansaInvest, a German insurance company.

Hammerson is a leading European real estate company, operating principally in the UK and France. The group invests in and develops shopping centres, retail parks and prime offices. It has a portfolio of around 1.3 million m² of retail space and over 280,000 m² of prime offices, which is valued at £7.3 billion. Hammerson is listed on the London Stock Exchange and Euronext Paris.

Kajima is one of the top construction firms in the world. It is headquartered in Tokyo, but its global operations network reaches over 20 countries in regions as Asia, Europe, Africa, the Middle East and the United States in virtually every area of construction and real estate development.

The Nabarro development team was led by real estate partner Kevin Stimpson who also handled the onward sale to HansaInvest along with real estate assistant Sergio Vella and corporate partner Christopher Luck. Linklaters (Joe Condor) represented HansaInvest.

Real estate partner Kevin Stimpson commented:

“Nabarro has acted for the joint venture throughout the development project commencing with the original acquisition of the development scheme and the re-negotiation of interests with the basement level Plaisterers Hall and restructuring of the Headlease interest with the City Corporation. A Nabarro team then handled the entire letting process at the building resulting in the lettings that generated a net rental income of £7.7 million per annum. It was a pleasure to work with Hammerson and Kajima, and we look forward to continuing our business relationship.”

For more information please contact:

Kevin Stimpson
Real Estate partner
NABARRO LLP
T +44 (0)20 7524 6273
k.stimpson@nabarro.com