Mayer Brown, Berwin Leighton Paisner(BLP) and CMS Cameron McKenna Nabarro Olswang all advised on the £1.3bn purchase by Hong Kong investors LKK Health Products of London landmark skyscraper, 20 Fenchurch Street, or the ‘Walkie Talkie’.
In the UK’s largest property deal to date, Mayer Brown UK real estate head Chris Harvey told Legal Business that the transaction demonstrates further appetite from foreign investors including new entrants to the London market.
‘Asian investors have been very active over the last five years and there is clearly no lack of appetite. This is likely to continue as Asian investors see London still as being a safe haven and comparatively good value compared to their home markets, especially with the depreciation of the pound,’ he added.
LKK, a member of Hong Kong-based food company Lee Kum Kee Group was advised by a Mayer Brown team. UK real estate head Chris Harvey and global head of real estate Jeremy Clay led, with real estate partners Andrew Hepner, Caroline Humble, Anita Jones and Pat Jones, antitrust partner David Harrison and construction partner Jonathan Olson-Welsh.
Corporate and securities partners Jeremy Kenley, Connor Cahalane and Tim Nosworthy, employment and benefits partner Nick Robertson and tax partner Sandy Bhogal all also worked on the deal.
BLP advised co-seller The Canary Wharf Group. BLP’s investment management head, Antony Grossman and chairman Robert MacGregor led its team.
CMS acted for co-seller real estate investment trust Landsec, previously Land Securities, with real estate partners Victoria Henry and Barry Morris and tax partner Nick Burt leading.
The sale follows that of the ‘Cheesegrater’ building for £1.15bn earlier this year to Chinese-owned CC Land, in which BLP and Mayer Brown, alongside Herbert Smith Freehills, advised on one of the largest Chinese purchases of UK real estate.