10 May 2018
- Ian Painter, Nigel Howorth, Jane Cheong Tung Sing, Lindsay Mann, Kirsty Souter, Marianne Toghill, Adam Waite
Clifford Chance advises Helical plc on the acquisition and development of the over-station development at Farringdon East Crossrail station, London
Clifford Chance has advised Helical plc on the acquisition from Transport for London (‘TfL’) of a proposed over-station development at Farringdon East Crossrail station, London. The development will lead to the creation of an office-led scheme with a gross development value of over £120m.
The transaction involved negotiating a development agreement and a 150-year investment rent-sharing lease with TFL and Crossrail, as well as simultaneously acquiring a series of companies by way of share acquisition from a consortium of former landowners.
Commenting on the transaction, lead Real Estate Partner Ian Painter said:
"We have been working with Helical plc for a number of years and are delighted to have helped them on this landmark project. This was a multi-disciplinary transaction that plays to our strengths as a firm. Over-station developments are a key area of our development expertise, with clients recognising that we are the 'go to' firm for this type of complex transaction."
Matthew Bonning-Snook, Property Director at Helical plc, commented:
“We are a great believer in the potential of the area given the significant impact of Crossrail and due to the wealth of cultural and public realm improvements that are planned and underway locally. Our adjacent office scheme overlooking Charterhouse Square, which is fully let, together with our Barts Square project which delivers a new urban quarter to the City and Smithfield, further highlights this belief.”
This transaction follows a number of other deals that Clifford Chance have worked on with long standing client Helical plc in recent years, including the redevelopment of 25 Charterhouse Square, the Barts Square redevelopment, the development joint venture and forward funding at Creechurch Place and the mixed-use development and joint venture of The Bower in Old Street.
The transaction team comprised Partner Ian Painter, assisted by Senior Associate Lindsay Mann. Construction advice was provided by Head of UK Real Estate Construction Marianne Toghill and Associate Adam Waite. Planning advice was provided by Head of Environment and Planning Nigel Howorth and Senior Associate Kirsty Souter. Real Estate Finance input was provided by Partner Jane Cheong Tung Sing and Senior Associate Jennifer Bolton.