Hogan Lovells Advises M&G Real Estate on the Largest Ever City Centre Office Development Outside of London
16 March 2016
Hogan Lovells has advised long-standing client M&G Real Estate, one of the UK's largest property investors, to fund the construction of Ballymore's Three Snowhill, a 420,000 sq ft office development in Birmingham city centre.
The approximately £200 million scheme will be the largest ever speculative city centre office scheme built outside London.
Three Snowhill is in an Enterprise Zone site and is a key development within Birmingham’s Snowhill Masterplan. The deal follows M&G Real Estate’s acquisition of Two Snowhill in September 2014, which Hogan Lovells also acted on, and forms the next stage of Birmingham’s wider Snowhill masterplan.
On completion at the end of 2018, it will comprise 385,000 sq ft of office space and 35,000 sq ft of retail and leisure, housing around 4,000 workers.
The Hogan Lovells real estate team was led by London partner, Daniel Norris, supported by Counsel, Aaron Burchell and senior associates, Karen Lang, Sarah Stewart and James Garvan in London, and Thierry Somma and Alexander Koch in the Luxembourg office. Gowling WLG advised Ballymore. The team was led by real estate partner Susan Bennett along with director Toni Weston. Partner Ian Reid and associate Ivy Accorda from Howard Kennedy acted on the construction elements.
Commenting on the deal, Daniel Norris said:
"Birmingham has truly become a leading centre for domestic and international businesses across a variety of industries. Today's landmark deal is further testament to this reputation and plays to the very heart of the UK government's plan to make the Midlands an engine for the country's growth. We are delighted to be acting again for M&G Real Estate on such a significant deal."
Hogan Lovells has previously advised M&G Real Estate on several office space acquisitions in the UK, including:
• The London Fruit & Wool Exchange building in London Spitalfields in March 2015;
• Prime Manchester Spinningfields sites in June 2014;
• Iconic London Bankside – M&G Real Estate's largest ever property acquisition and one of the biggest single asset deals of 2013.