Ashurst’s head of real estate investment David Jones has advised opposite Reed Smith on the £300m purchase of a 50,000 sq ft strip of prime real estate on New Bond Street, the first time in 40 years that the privately-owned Central London properties have been on the market.
Jones’ team advised purchasers Oxford Properties and luxury brand holding company Richemont, with a team that included real estate partner Sarah Sivyour, tax partner Simon Swann and senior associate Rabinda Sokhi. The team last year advised Oxford Properties on its £235m acquisition of King Edward Court, the 246,000 sq ft headquarters of the London Stock Exchange.
The deal saw Reed Smith instructed by a private Australian seller in a deal, set to be completed on 1 August, for the longest privately owned contiguous parade of shops in one of London’s most prestigious streets.
Real estate partner Lawrence Radley led a Reed Smith team that included corporate partner Doug Rofe and associates Danny Bloom and William Reay-Jones in corporate and tax, respectively.
The five properties currently house fashion brand Belstaff and watch maker Breitling some of the existing tenants. Richemont’s luxury brands include jeweller Cartier and watchmaker Piaget.
Reed Smith’s real estate team has recently advised PATRIZIA Immobilien and Oaktree Capital Management on a £245m joint venture of IQ Winnersh industrial park and advised Starwood Capital on its establishment of a £360 million joint venture with Vencom to acquire a portfolio of seven shopping centres in Sweden from Kooperativa Forbundet.
Radley said: ‘This is undoubtedly the highest profile Central London retail property deal so far this year and is a globally significant deal in luxury retail, confirming New Bond Street as one of the world’s premier luxury retail locations.’