With real estate investment moving out of paralysis post-election, Muna Abdi asks which firms are best prepared to take advantage
The enduring political and economic quagmire in the UK, initially shaped by the 2016 Brexit referendum, provided much of the framework for pessimistic commentary towards the end of the decade on many sectors, not least real estate. But the start of 2020 has brought fresh impetus: ‘The end of Corbynism will encourage most in the real estate market, which is not known for its left-wing leanings. It will also see a return of the uber-rich to London with high-end and luxury residential already experiencing a massive boost,’ predicts Eversheds Sutherland head of London real estate, Bruce Dear. Continue reading “Cranes in the sky: UK real estate market rebuilds”
- Herbert Smith Freehills (HSF) is advising entertainment and communications company ARRIS on its proposed $7.4bn acquisition by CommScope Holding Company. The HSF team is led by corporate partners Gavin Davies, Alex Kay and Caroline Rae. Pinsent Masons is acting for CommScope on the acquisition with corporate partners Rob Hutchings and Roberta Markovina leading. Alston & Bird also advised CommScope while fellow US outfit Troutman Sanders acted alongside HSF for ARRIS.
Continue reading “Dealwatch: Pre-Christmas run of real estate and power deals for US and City players”
Hamish McNicol and Thomas Alan canvass the market on the latest UK/US tie-up
‘Next year all our troubles will be out of sight,’ sang Judy Garland in the 1944 film Meet Me In St Louis. You wonder whether the leadership of Berwin Leighton Paisner (BLP) was singing those words from ‘Have Yourself A Merry Little Christmas’ in December before the firm’s quest for a US merger ended with St Louis-bred Bryan Cave. Because apart from a press release lauding the aspirations of the transatlantic tie-up, first floated publicly last October, there has not been much singing since. Continue reading “Real estate, real estate, real estate: Bryan Cave? Questions surround BLP’s transatlantic union”
In what has been a busy week for landmark retail property deals, a host of firms from across the globe, including Clifford Chance (CC), Shearman & Sterling and Debevoise & Plimpton are advising as French property company Unibail-Rodamco bids £18.5bn for Westfield Corporation.
Westfield owns 35 shopping centres across the UK and the US, including centres in Stratford, White City and Croydon. Unibail-Rodamco, meanwhile, also owns a number of retail outlets internationally, with the merger expected to create global retail property group worth $72bn. Continue reading “Retail property crush as international firms battle to land roles on £18.5bn Westfield bid”
Herbert Smith Freehills (HSF), Travers Smith and Linklaters are all acting as retail property powerhouse Hammerson acquired its rival Intu for £3.4bn, meanwhile Watson Farley & Williams (WFW) and Orrick, Herrington & Sutcliffe have advised on a $2.3bn coal-fired power project in Vietnam.
Hammerson’s £3.4bn buyout of Intu will create a £21bn pan-European shopping mall giant and bring London’s Brent Cross, the Birmingham Bullring and Manchester’s Trafford Centre under single ownership. Continue reading “Deal watch: HSF, Travers and Linklaters front of the queue on Intu acquisition as WFW picks up $2.3bn Asia energy project”
In a major boon to the UK property market, recent changes to Stamp Duty Land Tax (SDLT) have sparked a trend that saw Eversheds Sutherland advise on the largest-ever launch of a UK property fund for Royal London Asset Management (RLAM) in October.
The portfolio, worth over £2.7bn, seeded by the transfer of two existing Royal London property portfolios, includes central London properties in New Bond Street, Covent Garden, Trafalgar Square, Oxford Street and St Paul’s. With a minimum investment of £50m, it is designed to expose the UK’s commercial real estate market to institutional domestic and foreign investors. Continue reading “Boon for City real estate market as Eversheds Sutherland leads on largest-ever UK fund launch”
CMS is continuing its global expansion with news that its French member firm has hired a two-partner real estate team from Herbert Smith Freehills (HSF) in Paris.
With the acquisition of Nabarro and Olswang in the UK having moved real estate up the agenda at CMS, 12 lawyers will join CMS Bureau Francis Lefebvre at the start of 2018. Continue reading “‘Real estate up the agenda’: CMS brings across Paris team from Herbert Smith”
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. Continue reading “China buys: Mayer Brown and BLP land key roles on £1.3bn Walkie Talkie sale in record property deal”
Forsters has weathered a slowdown in the real estate market to record 9% revenue growth, although the result brings to an end six consecutive years of double-digit increases. Continue reading “Forsters upbeat as it posts 9% revenue growth despite flat real estate market”