Nabarro has advised Guangzhou R&F Properties Co., Ltd on the acquisition of Vauxhall Square London for £157.77m.
The Hong Kong-listed company has exchanged contracts with the seller on 5 April for the acquisition of the 3.4 acre site which is located in the largest regeneration area in central London and has planning permission for a residential-led, mixed-use scheme of approximately 1.5m sq ft.
R&F was established in Guangzhou in 1994 with a registered capital of CNY806 million focused on top rate property design, high class property developments, construction, property management and property-related services in China. R&F is one of the leading property developers in China, who holds a remarkable property portfolio nationwide, as well as in Malaysia and Australia.
R&F is expected to invest approximately £1bn to deliver the scheme which will become a new commercial and community hub for the area. Vauxhall Square is a mixed-use scheme comprising 245,000 sq ft of offices, 578 apartments, 33,500 sq ft of retail, two hotels, a 50-bedroom hostel for the homeless and a 40,655 sq ft multi-screen cinema.
The Nabarro team was led by Real Estate partner Simon Staite and comprised Real Estate partner Sergio Vella, senior associate Paul O'Brien, Carla Obretelli, and Catherine Jia, Tax partner Phil Anderson and senior associate Julia Cockroft, Planning & Environment partner Joshua Risso-Gill, senior associate Nicola Insley and associate William Summerlin, Infrastructure, Construction & Energy partner David Parton, senior associate Vanessa Greaves and Corporate partner John Finnemore, associate Albert Li.
CBRE also advised R&F.
Commenting on the acquisition, Real Estate partner at Nabarro, Simon Staite, said:
“R&F are the latest client from CBRE that we have acted for. We worked to a really quick timetable, and alongside CBRE's development team - the timetable was possible by working closely with Macfarlanes, the lawyers were on the same page: exchange by 5 April.”