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Nabarro advise on £357 million London property swap
3 March 2008
Nabarro has advised Great Capital Partnership (GCP), the Great Portland Estates’ central London 50:50 joint venture with Capital & Counties (both current clients of Nabarro), on a complex property swap with the Crown Estate, of assets worth £357.6m. Nabarro advised Capital & Counties on the establishment of the joint venture in April 2007.
GCP swapped three of its properties in exchange for three new leaseholds, one freehold and more favourable terms on several of its other leaseholds.
GCP has regeared its leases on five properties on Regent Street, W1, extending them all to 125 years, reducing its rent to the Crown and lifting restrictions on redevelopment. The swap includes acquisitions that boost GCP’s interest in London’s John Nash-designed Park Crescent, W1, opposite Regents Park and adds one freehold to GCP’s portfolio, 26/40 High Street Kensington, W8.
GCP also transferred £61.1m of property to the Crown, being its freehold interest in 21 Sackville Street, W1 and its leasehold interests in Victory House, 99-101 Regent Street, W1, and Kendal House, 203 Regent Street and 1 Conduit Street, W1 – where the Crown already owns the freeholds.
This major transaction unlocks both immediate ‘marriage value’ and future development opportunity for both GCP and the Crown Estate.
The team at Nabarro was led by Caroline Maude, assisted by Barry Morris and Lucy Preston. SJ Berwin (Bryan Pickup) advised The Crown Estate and Berwin Leighton Paisner also assisted by advising GCP on some lease related issues.
Caroline Maude partner at Nabarro commented
“We’re delighted to have assisted the joint venture with this complex and exciting transaction which will release value and result in great redevelopment and refurbishment opportunities for both parties.”
If you would like any further information or have any queries please contact:
Caroline Maude
Partner
NABARRO LLP
T +44 (0)20 7524 6445
c.maude@nabarro.com
