Hogan Lovells Advises HOOPP on First UK Investment
07 December 2010
LONDON, 7 December 2010 - Hogan Lovells has advised new client Healthcare of Ontario Pension Plan (HOOPP) on a joint venture/ limited partnership with The Crown Estate to redevelop the key island "Gateway" site in London's West End.
HOOPP and The Crown Estate are in a limited partner joint venture to redevelop the West End Gateway site which is one of the most central and high profile blocks of real estate in the UK - at the eastern end of Piccadilly opposite Lillywhites and overlooking Piccadilly Circus. The initial development will be a mixed use scheme worth over £100 million with further redevelopment opportunities.
For the limited partnership, the asset is a 150-year geared head lease of the site granted by the Crown as freeholder to the limited partnership. As a pension fund, HOOPP is tax transparent in Canada, so also required advice on adopting a tax efficient structure for its investment.
Nicholas Cheffings, partner in Hogan Lovells' Real Estate team, said:
"HOOPP is one of the largest and most respected pension funds in Canada, but it has never invested directly in real estate outside North America. We are delighted to have been able to help them expand their investment reach into the UK through this exciting redevelopment of a prime London site; combining our funds, tax and construction capabilities, as well as traditional commercial real estate expertise in order to close the deal."
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