28 March 2012
Clifford Chance advises Menolly Group on the sale of 107 Cheapside for £124.4 million
Clifford Chance has advised long standing client Menolly Group on the sale of 107 Cheapside in the City of London to Invesco Real Estate for £124.4 million.
Invesco Real Estate has bought the building on behalf of the Germany property fund it manages called iii-BVK Europa-Immobilien-Spezialfonds.
107 Cheapside is let to 13 tenants with the largest tenant being law firm Orrick, Herrington & Sutcliffe who took occupancy in 2009. The area around Cheapside has undergone significant regeneration and improvement of its office and retail facilities over the last few years making it increasingly attractive for occupiers.
Clifford Chance Partner Catherine Cook commented "in the current economic climate London is still very much of interest to investors, particularly where the assets are in prime locations with tenants with good covenants. We are delighted to have acted for Menolly Group on the sale of an asset in such a sought after prime City location."
The Clifford Chance legal team advising the Menolly Group worked closely with Seamus Ross Jnr, Director of the Menolly Group and Ronan Quinn, Group Financial Controller. London Real Estate Partner Catherine Cook led the team and was assisted by Real Estate Senior Associates Nick Redman and Matt Taylor and Real Estate Finance Associate Owen Bale in London and Senior Associate Victor Regnard in Clifford Chance's Luxembourg office.