Clifford Chance

Clifford Chance advises Helical Bar plc on the development joint venture and forward funding of Creechurch Place

A multi-disciplinary team from Clifford Chance has advised long-standing client Helical Bar plc on the development joint venture and forward funding with Healthcare of Ontario Pension Plan (HOOPP) of Creechurch Place and associated arrangements with the City of London Corporation.

Creechurch Place, formerly known as One Mitre Square, is to be developed into 271,000 sq ft of Category ‘A’ office space and 2,000 sq ft of retail space in the City of London.

Helical Bar plc have been appointed as development manager and have also retained an equity interest in the scheme via their participation in a joint venture with HOOPP.

Commenting on the transaction, lead Real Estate Partner Jonathan Solomon said:

"We have been working on this project with Helical Bar for a number of years and are delighted to have helped them to put arrangements in place to enable construction to start. This was a complex multi-disciplinary transaction that plays to our strength as a real estate practice focused on the complex and high value end of the market."

Gerald Kaye, Director of Helical Bar said:

“We are pleased to be working with HOOPP on this exciting development in the heart of the insurance district in the City and we believe the building is well placed to capitalise on the continued demand in the area for high quality office space.”

Jonathan Solomon was assisted by Real Estate Partner Franc Peña and Senior Associate Ian Painter. Planning advice was provided by Partner Nigel Howorth, who was supported by Associate Elizabeth Hardacre. Construction advice was provided by Director Marianne Toghill and Senior Associate Edward Bretherton, and Tax advice was provided by Partner, David Saleh.