Herbert Smith Freehills (HSF) and Jones Day were among a raft of firms that advised the investors behind residential schemes at the Olympic Park in Stratford and Elephant and Castle on a joint venture (JV) to combine the developments and create a £1.4bn JV vehicle for rented housing. Amid a booming London real estate market, intensified by supply not keeping up with housing demand, the firms were instructed by Qatari Diar Real Estate Investment Company, property firm Delancey’s flagship fund DV4 and Dutch pension fund asset manager APG, combining to create 4,000 London homes. Olswang, Mishcon de Reya, Simmons & Simmons and London firm Michael Conn Goldsobel also won instructions on the deal.
Firm leaders discuss selling points as deal goes to a vote
As Berwin Leighton Paisner (BLP) closes in on its merger with Miami-based Greenberg Traurig, both firms have targeted full financial integration as their leaders sell the deal to their partnerships.
The main problem the Cyprus property market currently faces is the failure of the developers, due to their financial problems, to issue title deeds to the buyers who paid for the property bought or to transfer the title in cases where it has been issued. In this sense, the buyer who paid for the property but did not receive a title is a trapped buyer as he cannot exploit the property.
In a bid to enhance its real estate offering in Central Europe, Greenberg Traurig last month recruited 12 lawyers to its Warsaw office from Allen & Overy (A&O) and Norton Rose Fulbright (NRF).
Joining Greenberg is A&O’s Warsaw real estate head Radomił Charzyński and NRF’s Warsaw real estate head Agnieszka Stankiewicz. Charzyński brings with him three others, including senior associate Karol Brzoskowski, who becomes a partner at Greenberg, and two senior associates, while Stankiewicz, named a leading individual in The Legal 500 for Polish real estate, brings with her local partner Magdalena Życzkowska-Jóźwiak, one senior associate and five associates.
Clifford Chance (CC) and Berwin Leighton Paisner (BLP) have both landed a significant instruction on accountancy giant Deloitte’s major pre-let of the entire building of 1 New Street Square, in a deal that will see Deloitte acquire 275,000 square foot of space on a 20-year lease at the site.
Job openings: Vacancies at real estate legal teams expand quickest in the City in 2014 as legal job market grows
In an indication of the legal job market’s growing strength, research analysing vacancy rates at law firms has shown that job openings across England and Wales were up by 48% in 2014 compared to a year earlier, while real estate teams grew fastest in the City.
The HQ for London bobbies for almost 50 years, Magic Circle firm Linklaters was charged by Abu Dhabi Financial Group to execute the purchase of New Scotland Yard in Victoria for £370m, with national firm Michelmores acting for the seller.
Baker & McKenzie and Taylor Wessing helped finalise the sale of London’s iconic Gherkin building to the Safra Group for over £700m.
The sale last month of one of London’s most distinctive and recognisable landmarks, the 40-storey skyscraper, located at St Mary Axe in the City’s primary financial district, was placed into receivership in April after one of its owners was placed in insolvency, with big-four giant Deloitte appointed as receiver.
We’re halfway through November and it’s Friday, so here’s our regular look back at some of the stories that have drawn everyone’s attention over the last five days. For access to subscriber content, click here for full access to Legal Business or contact firstname.lastname@example.org.
Also, a friendly reminder that the deadline for submissions for the 2015 Legal Business Awards is this Monday (17 November).
Selling icons: Bakers and Taylor Wessing lead on Gherkin sale to Safra Group while Magic Circle duo act on Canary Wharf bid
Baker & McKenzie and Taylor Wessing have helped finalise the sale of London’s iconic Gherkin building to the Safra Group for over £700m, while Linklaters and Slaughter and May acted on the unsuccessful preliminary bid for Songbird Estates, the owner of Canary Wharf Group.