25 February 2020
- Mark Payne, Rob Donell, Melissa Sykes, Stephanie Ofili, David F Saleh, Edward Page, Simon Corzberg, Katie Kempthorne, Jane Cheong Tung Sing, Herman Steinvoort, Alex Nourry
Clifford Chance advises Stanhope Plc on the purchase of Building 7, Chiswick Park, for £310 million
International law firm Clifford Chance has advised Stanhope Plc ("Stanhope") on the purchase of Building 7, Chiswick Park from fund manager Blackstone for approximately £310 million.
Stanhope bought the 335,000 sq ft Grade A office building, which was Blackstone's last building in the development, with the backing of an existing private client. The building is currently 95% let to blue chip covenants including Pernod Ricard, Starbucks and British American Tobacco.
Chiswick Park, which was originally developed by Stanhope on behalf of The Chiswick Park Unit Trust, was the first office development in London to focus on people using the development rather than the physical buildings. The development stretches over 12 buildings in a 33 acre site and is situated around a central pedestrian space made up of a lake, landscaping and open-air performance area. The development established a people-centric destination where individuals and businesses could exchange ideas and embrace new ways of working.
Commenting on the transaction, lead Partner Mark Payne said: "We have enjoyed working with Stanhope to facilitate the purchase of Building 7. Stanhope's approach to creating a multi-use development, which prioritises the human experience over the buildings and office space, is unrivalled and evidently popular with its tenants.
"The seller's commercial imperatives required a tight timetable for this complex transaction which had three major components, so efficient and effective transaction management was central to getting this over the line. We brought together a real estate sector team of specialists who worked together seamlessly to provide bespoke solutions that simultaneously met our clients' objectives and the deal timeline."
The transaction is the latest piece of work that Clifford Chance has advised on relating to Chiswick Park. The team advised Situs Asset Management on the redemption of the development, as well as the mezzanine lenders on the £400 million refinancing of the senior facility and £200 mezzanine facility of Chiswick Park.
Clifford Chance Real Estate Partner Mark Payne led on the transaction and oversaw the sale and purchase agreement with support from Senior Associate Andrew Hughes. Real Estate Senior Associate Rob Donell, Associates Melissa Sykes and Stephanie Ofili supported on the joint venture. Tax input was provided by Partner and Head of UK Real Estate Tax David Saleh, who was supported by Senior Associate Edward Page and Director Simon Corzberg. Planning input was provided by Senior Associate Katie Kempthorne, while financing input was provided by Partner Jane Cheong Tung Sing and Associate Herman Steinvoort. Merger control input was provided by Partner Alex Nourry.