3 January 2019
Clifford Chance advises Samsung Life on the sale of 30 Gresham Street
Clifford Chance has advised Samsung Life, the largest insurance company in South Korea, on its sale of 30 Gresham Street for a price in excess of £400m to the joint venture of two Hong Kong based developers, Wing Tai Properties and Manhattan Garments. The c.400,000+ square feet prime commercial property in the City of London, which is comprised of office and retail space, is the London headquarters of Commerzbank and European headquarters of Investec.
Clifford Chance advised on this key headquarters sale of the year, which was carried out by way of a sale of shares in a holding company of the property and involved work in six legal jurisdictions.
Commenting on the transaction, lead Real Estate Partner Mark Payne said:
"We are delighted to represent Samsung Life for the first time in this landmark headquarters sale. The complex nature of the deal highlights Clifford Chance's expertise in cross-jurisdiction transactions as well as the strength of our global real estate network, the keys that allow us to effectively find and navigate a path through complex matters."
The transaction team was led by Partner Mark Payne, who was assisted by Senior Associate Rob Donell and Associates Melissa Sykes and Stephanie Ofili. Tax advice was provided by Head of UK Real Estate Tax David Saleh and Senior Associate Ed Page.