Hogan Lovells and Herbert Smith Freehills Advise on £320m St. James's Market Joint Venture Between The Crown Estate and Oxford Properties
03 June 2013
LONDON, 3 June 2013 - Hogan Lovells and Herbert Smith Freehills have advised on the formation of a £320m joint venture to develop two blocks in St James's, London W1: 52-56 Haymarket and 14-22 Lower Regent Street, which form the commercial element of the landmark St James’s Market scheme.
Hogan Lovells advised The Crown Estate and Oxford Properties, the real estate subsidiary of the Ontario Municipal Employee Retirement System (OMERS), was advised by Herbert Smith Freehills.
The Hogan Lovells team was led by Chair and relationship partner Nicholas Cheffings, real estate partner Daniel Norris and real estate funds partner, James McDonald and the Herbert Smith Freehills team was led by Richard Forsdyke.
Nicholas Cheffings said:
"This is our first major transaction for The Crown Estate since we were appointed to their panel for litigation work. Having worked with them to secure vacant possession of the site, it is particularly satisfying to be alongside them on this strategic cross-border investment and we look forward to acting for the partnership as they implement their exciting plans for the transformation of St James's Market."
Richard Forsdyke said:
"Overseas capital is still chasing prime London real estate. We are well placed to service transactions like this which require a mix of corporate and property skills."
Duncan Field of Wragge & Co assisted The Crown in securing planning and Marcus Harling and Maria Greener of Burges Salmon are dealing with the construction aspects of the development.
The full Hogan Lovells team included senior associate Sian Owles (structuring) with trainee Hannah Kaye; real estate senior associates Simon Keen, Julia Heyn and Paul Tonkin; and tax partner Philip Gershuny with senior associate Suzanne Hill and associate Matthew Legg. The full Herbert Smith Freehills team included Paul Chases (corporate real estate), Fraser Grant, Graham Vernon, Anne Griffith, Emily Naylor and Victoria Haslam (real estate), Patrick Robinson and Liz Christie (planning), Neil Warriner and Sara Stewart (tax) and Tim Healey (construction).
Herbert Smith Freehills advised Oxford Properties on their joint venture with British Land on the development of The Leadenhall Building (known as "the Cheesegrater"), which is currently nearing completion as the tallest building in the City of London. Herbert Smith Freehills also advised Norges Bank Investment Management on their Regent Street portfolio joint venture with The Crown Estate in 2011.
A copy of The Crown Estate and Oxford Properties press release can be found here: http://www.thecrownestate.co.uk/news-media/news/2013/crown-estate-and-oxford-properties-agree-gbp-320-million-st-jamess-market-joint-venture/.