25 January 2005 – LAWFUEL – The Law News Network – Lawrence Graham LLP and Herbert Smith have acted for their respective clients, Multiplex Limited and Hammerson UK Properties plc, on the joint venture arrangements surrounding the £18.6 million sale by Pillar to Multiplex of their 50% interest in Cricklewood Regeneration Limited.
Following the completion of the deal, Hammerson and Multiplex have joined forces to advance proposals for the regeneration of Cricklewood, North London – through Cricklewood Regeneration Limited – to redevelop 240 hectares of derelict land and transform Cricklewood into a new mixed-use urban centre.
The scheme will potentially include up to 5,500 homes and 400,000 m² of offices, and forms part of the wider regeneration proposals covering the Cricklewood land to the south of the North Circular ring road and Brent Cross shopping centre to the north.
Lawrence Graham partner Jon Lloyd led the Lawrence Graham team with Geoffrey Pickerill and Richard Evans (corporate). He commented:
“This is our first instruction from Multiplex who are rapidly gaining a material exposure to the UK market. We are delighted to be acting on such a key mixed use regeneration project which should greatly enhance the entire Cricklewood area.”
Herbert Smith real estate partner Don Rowlands led the team for Hammerson and was assisted by Iain Carruthers (real estate), Austin Sweeney, Paul McCrory and Jenny Coombes (corporate). He commented:
“Having acted for Hammerson on the acquisition of their 50% interest in CRL two years ago, it was good to move this forward with Multiplex and to continue to be involved in such an important project. This has the potential to bring forward major regeneration of this part of north London.”