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Clifford Chance advises CK Asset Holdings on the £1 billion acquisition of 5 Broadgate, London

15 June 2018

Clifford Chance advises CK Asset Holdings on the £1 billion acquisition of 5 Broadgate, London

Clifford Chance has advised a wholly-owned indirect subsidiary of CK Asset Holdings Limited on the £1 billion acquisition of 100% of 5 Broadgate, London from British Land and GIC. The landmark building which is located in the heart of the City of London was developed in 2015 and covers more than 700,000 sq ft. 5 Broadgate is the UK headquarters of UBS who are committed to the building until 2035.

Commenting on the transaction, lead Partner Nick Rees said:
"We were delighted to advise CK Asset Holdings Limited on this major real estate acquisition. This type of complex real estate transaction is an example of where we can really add value to our clients by bringing together a multi-disciplinary team of corporate, real estate, tax and finance specialists from across our real estate sector group in order to meet their requirements."

This transaction follows a number of other deals that Clifford Chance have worked on involving the Broadgate Estate including advising GIC, Singapore’s sovereign wealth fund, on both the purchase of a 50% interest in the Broadgate Estate from certain Blackstone Real Estate funds and on GIC’s 50:50 joint venture with British Land to enable the future development of the Estate.

The transaction team comprised Partner Nick Rees, assisted by Associate Nikita Culhane and Associate Fiona Coffee. Real Estate advice was provided by Partner Matt Taylor, supported by Director Marcus Wright, Senior Real Estate Counsel Sarah Thomas, Senior Associate Gemma Ebsworth, Senior Associate Angela Shepherd and Associate Janeen Pickering. Construction advice was provided by Head of UK Real Estate Construction Marianne Toghill and Associate Adam Waite. Planning advice was provided by Senior Associate Katrina Moore. Tax input was provided by Partner Nick Mace and Senior Associate Ed Page. Finance advice was provided by Partners Simeon Radcliffe and Ranbir Hunjan, supported by Senior Associate Jing Tang. Alienation provisions advice was provided by Director Ben Hatton and Associate Adam Eagle.