While major real estate deals are hard to come by, the usual suspects continue to take the lion’s share of the work as LB100 firms Nabarro and Addleshaw Goddard have advised on a £800m real estate deal between Hermes Real Estate and The Co-Operative Group to become equal partners on the regeneration of buildings and land in central Manchester.
The 20-acre regeneration of Manchester urban land, called NOMA, is considered to be the UK’s biggest regional redevelopment project. The joint venture involved teams of lawyers at both firms to cover real estate, joint venture and tax aspects of the deal.
The Nabarro team advising longstanding client Hermes was led by real estate partner Simon Staite and included funds and indirect real estate partner Chris Luck, planning partner Christopher Bowes, and tax partner Nick Burt.
At Addleshaws, the team advising The Co-Op was led by real estate partners Mark Haywood and Monica Brij, as well as partners Justine Delroy and Philip Goodstone who specialise in tax and joint ventures respectively.
Nabarro’s Staite, said: ‘This is an exciting deal and the UK’s largest regional redevelopment. The range of what our clients intend to build will create a vibrant new neighbourhood in one of Europe’s most vibrant cities. It only takes a site visit to see the potential of this project, right next to the Co-Ops’ new HQ, the refurbished Manchester Victoria Station and the Printworks.’
Addleshaws’ Haywood added: ‘This 20-acre, £800m scheme promises to be a game changer for Manchester’s continuing urban re- invention as an international city for business and investment.
‘We are delighted to have played a part in bringing together two organisations that share the same vision for responsible sustainable mixed use city centre development, and who together will unlock real long-term value for investors, residents and business.’
Other high-profile real estate coups for Nabarro recently includes partner Marie Scott being shortlisted for Real Estate team of the Year at the 2014 Legal Business awards for work advising Google on all aspects of its £1bn acquisition and development of a site at Argent’s King’s Cross estate for the development of its new UK headquarters, which includes around one million square feet of office space.
Addleshaws, meanwhile, which was appointed to a panel of five firms to provide commercial legal services for both the Co-operative Group and Co-operative Financial Services, has previously advised the group on the sale and leaseback of its new head office building in Manchester, after a foreign investor purchased the One Angel Square property for £142.3m.