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Clifford Chance advises Allianz Real Estate on development joint venture with Ivanhoe Cambridge

25 August 2021

Clifford Chance advises Allianz Real Estate on development joint venture with Ivanhoe Cambridge

International law firm Clifford Chance has advised longstanding client Allianz Real Estate, on their 50:50 development joint venture with Ivanhoe Cambridge for the redevelopment of Stonecutter Court in Farringdon, London.

The joint venture is subject to antitrust clearance. Work has begun on the site which is anchored by a pre-let to Travers Smith.

Stonecutter Court in Farringdon is a 13 storey scheme with office, retail, public realm and six roof terraces. Upon completion in 2024 the new Grade A development will increase the net lettable area from 150,000 sq ft to 250,000 sq ft. The new building is designed to reflect the needs of the area’s diverse occupier base which is a mixture of technology, creative industries and city commerce. The new design includes the retained Grade II Listed Hoop & Grapes public house.

Real Estate Partner Mark Payne commented "We were delighted to advise Allianz Real Estate on their first development in the UK having previously worked with them in Europe and Asia. Farringdon is an exciting area of London which is well located with good transport links and once complete Stonecutter Court will have great amenities and will be highly sought after. This complex transaction with its many moving parts ranging from title, planning, construction and rights of light, through tax, antitrust and German regulatory, to corporate real estate in England and Luxembourg, was a perfect demonstration of the comprehensive and seamless service we provide at Clifford Chance Real Estate. Our London team has been advising on a number of major development projects in Farringdon including the Farringdon East Crossrail station and Helical's Kaleidoscope building which was pre-let to Tik Tok."

The Clifford Chance cross-practice pan-European team was led by Real Estate Partner Mark Payne, supported by Senior Associates Rob Donell, Melissa Jones and Alice Raine and Associates Lena McCrae and Sophie Romain. Director of Property Litigation Ben Hatton advised on rights of light, Head of UK Real Estate Construction Marianne Toghill and Senior Associate Adam Waite advised on construction with Nigel Howorth, Head of London Real Estate & Head of Environment & Planning and Senior Associate Anneke Theelen advising on planning. Head of Real Estate Tax David Saleh and Senior Associate Edward Page advised on the tax aspects with Partner Greg Olsen and Senior Associate Chandralekha Ghosh advising on antitrust. Partner Christian Kremer, Counsel Judit Stern and Avocat Arvine Nooralian advised on Luxembourg aspects with Partner Marco Simonis advising on German regulatory elements of the transaction.