Clifford Chance advises Nuveen Real Estate on sale of 70 St Mary Axe

Clifford Chance has advised Nuveen Real Estate on the sale of 70 St Mary Axe, the City of London landmark colloquially known as the “Can of Ham,” to Hayfin Capital Management and Capreon for a sum in excess of £300 million.

70 St Mary Axe is recognised for its prime location and strong sustainability credentials.  It was developed by Nuveen and completed in 2019.  The building is fully let to 13 tenants with Clifford Chance having supported Nuveen on the acquisition, development and leasing of the asset over the last decade.  The disposal underscores strong investor appetite for high‑quality, well-leased City assets as new supply remains limited.

Ian Painter, Partner in the Transactional Real Estate team, commented:

We were delighted to support Nuveen Real Estate on this significant disposal having advised across the entire life cycle of this iconic building. The sale of 70 St Mary Axe is being quoted in the press as one of the UK's largest office investment deals of 2025 and is another sign of investor confidence returning to the London office market.  The transaction clearly demonstrates that best in class, well located assets continue to be in demand.

The Clifford Chance team was led by Partner Ian Painter in the Transactional Real Estate team, supported by Senior Associates James Law and Melissa Jones and colleagues in Real Estate Tax, Planning and Construction.  The Nuveen team was led by Nick Deacon, Sophia Layton and Charlotte Haigh.