Clifford Chance

Clifford Chance advises on 100 Cheapside development

Clifford Chance has advised the City of London Corporation on its development agreement with joint venture partners CarVal Investors and Orion European Real Estate Fund III for 100 Cheapside.  The agreement includes the granting of a long lease for the site to the development partners whilst allowing the City of London Corporation to retain a 25% stake in the development.

Once completed, 100 Cheapside will provide approximately 100,000 sq ft of Grade A office and retail space in the City of London. The site, which is located between the Bank of England and St Paul's, is one of the last pieces of Cheapside to be redeveloped.

The Clifford Chance Real Estate legal team advising the City of London Corporation was led by partner Tony Briam who was assisted by senior associate Angela Kearns.

This is the second prime Cheapside site on which Clifford Chance has advised this year, having acted for the Menolly Group on the sale of 107 Cheapside to Invesco Real Estate for £124.4 million in March.

Lead Clifford Chance Partner from London Real Estate, Tony Briam, comments on the transaction: 

"We are delighted to have acted for the City of London Corporation on a key asset in such a sought-after prime City location. The 100 Cheapside development highlights the ongoing strength of the City of London as a key location for real estate investment". 

Herbert Smith advised joint venture partners CarVal Investors and Orion European Real Estate Fund III, who will develop the site in conjunction with development manager Quadrant Estates. The team was led by Partner Richard Forsdyke.