Hogan Lovells Advises HOOPP on Westfield Bradford Joint Venture
05 November 2012
LONDON, 5 November 2012 - Hogan Lovells advised HOOPP (Healthcare of Ontario Pension Plan) on its major stake in a joint venture, led by Meyer Bergman, to acquire the planned new Westfield Bradford shopping centre.
HOOPP, together with Aimco, will act as joint venture partners with retail investment management company Meyer Bergman to purchase the 550,000 sq ft shopping centre from Westfield, who will remain as development manager to be responsible for constructing and initial leasing of the new shopping centre. The development is scheduled to start in the latter half of 2013.
Hogan Lovells previously advised HOOPP on a joint venture with The Crown Estate to redevelop St. James's Gateway, a prestigious location on Piccadilly/Jermyn Street in central London, in May 2010, and on a €340 million joint venture, also with Meyer Bergman, to develop two shopping centres in the Czech Republic in September 2011.
The Hogan Lovells team advising HOOPP was led by London real estate partners Nicholas Cheffings and Dion Panambalana, with partner James McDonald advising on structuring and partner Philip Gershuny on tax matters.
Commenting on the transaction, Global Chair of Hogan Lovells Nicholas Cheffings said:
"The people of Bradford have been waiting for this development for many years and we are pleased to have played a small part in making it happen. This is our third major transaction in three years for HOOPP, one of the largest and most respected pension funds in Canada, and we look forward to continuing to work with it on its international investment strategy."
Jones Day acted for Meyer Bergman in relation to the establishment of the joint venture and for the joint venture in negotiations with Westfield. Bob Lee (Jones Day Chicago) led in relation to the establishment of the joint venture and Alistair Grant (Jones Day London) led in relation to the transaction with Westfield. K&L Gates advised Aimco.