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Nabarro advises on complex Oxford Street deal
08 January 2008
Nabarro has advised on a complex real estate transaction on Oxford Street for two of its major clients.
Nabarro advised Land Securities on its sale of a 50% stake in a major retail block on London's Oxford Street to Frogmore Real Estate Partners (FREP) for £105 m. FREP was also advised by Nabarro.
The transaction involved the sale of the property to a newly established partnership between the two clients. After advising both clients on the structuring of the joint venture, Nabarro advised FREP on the implementation of the partnership and advised FREP on the debt finance arrangements on its investment in the joint venture.
Under the joint venture agreement Frogmore will be responsible for the asset management of the property, while Land Securities will concentrate on its redevelopment potential.
The block, from 4-48 Oxford Street and comprising 22 shops with office accommodation above, is at the east end of London's premier shopping street, which has been earmarked for significant improvement by London mayor Ken Livingstone to coincide with the advent of the capital's east-west rail link, Crossrail.
Nicholas Vergette of Nabarro advised Land Securities on the sale of the property, assisted by Caroline Hankins while partner Nick Collins advised FREP, assisted by Choisanne Man. Justin Cornelius (corporate) and Michael Cant (tax), assisted by Lee Sheldon and Kirsten Prichard-Jones, advised both clients on the structuring of the joint venture and advised FREP on the implementation. Banking partner James Dakin advised on FREP on arranging debt finance.
Berwin Leighton Paisner (Robert MacGregor, John Kelsey and Tim Simmonds) advised Land Securities on the implementation of the joint venture.
Nicholas Vergette said "We are delighted to have assisted two of our major clients in forming the joint venture to take forward this prominent West End asset."
If you would like any further information or have any queries please contact:
Nicholas Vergette
Partner
Real Estate
T +44 (0)20 7524 6329
n.vergette@nabarro.com
or
Rachel Skelton
T +44 (0)20 7524 6619
r.skelton@nabarro.com
