David Saleh and Richard Woolwich advise Hammerson and Oman Investment Fund on JV
Clifford Chance has advised Hammerson plc on the sale of a 75% interest in Bishops Square, Spitalfields, London E1. Bishops Square will now be held in a 75:25 joint venture between the Oman Investment Fund, the investment arm of the Sultanate of Oman, and Hammerson.
The consideration for the property was £445 million and the joint venture will assume the secured debt facility on the property. Hammerson will retain responsibility for asset management and, in addition to an annual fee, may be entitled to additional consideration depending on the future financial performance of the property.
Clifford Chance has a longstanding relationship with Hammerson. This transaction is a continuation of the Firm’s work on the financing, development and leasing of Spitalfields which includes offices, retail and restaurant premises. Bishops Square, which completed in 2005, was developed by Hammerson in partnership with the Corporation of London.
Clifford Chance also previously advised Hammerson on the letting of 71,900m2 of office space at Bishops Square to law firm, Allen & Overy.
Jonathan Solomon who led the deal for Clifford Chance comments: “We were delighted to work with Hammerson and their joint venture partner, Oman Investment Fund, on this transaction. This has been an exciting and challenging project involving Hammerson’s largest asset. The cross practice Clifford Chance team worked closely with DLA to achieve a great result for Hammerson despite market conditions in the real estate sector.”
The multi disciplinary team at Clifford Chance was led by real estate partner Jonathan Solomon who was assisted by Gemma Ebsworth, Geraldine Pigot and Sarah McGinley; real estate finance partner Jane Cheong Tung Sing assisted by Elizabeth Pratt-McLean and David Meakin advised on the financing; and partner and head of real estate tax practice David Saleh was assisted by Sebastian Daly on tax.
A team from DLA led by Elizabeth Walters and Sean Scanlon in London and Bruce Mullins in Oman advised the Oman Investment Fund with Richard Wilkinson advising on property matters, Richard Woolwich advising on tax and Toby Barker advising on finance.
Clifford Chance also coordinated Hammerson’s construction advice from Herbert Smith led by Nick Downing and planning advice from Taylor Wessing led by Brian Greenwood.[/private]