LAWFUEL – Linklaters has advised Dubai-based investment house Istithmar on the acquisition and acquisition financing of two business parks within the M25, London by way of corporate acquisition. The properties, known as Aviator Park, Addlestone and Causeway Corporate Centre, Staines have been sold by clients of Delancey for in excess of £200m. The acquisition is Linklaters’ fourth UK real estate investment transaction for Istithmar since November 2005. Istithmar are advised in the UK by P&O Estates, a subsidiary company.
Istithmar’s real estate business already holds commercial, hotel, leisure and retail property investments around the world. Its London properties include One Trafalgar Square, the Adelphi and recent acquisition Marcol House, Regent Street, while in the US it owns 230 Park Avenue, 280 Park Avenue and 450 Lexington Avenue, all in New York. It has a declared investment strategy in the UK of assembling a portfolio of top quality assets in prime locations where it intends to earn exceptional returns through active management and development. Istithmar’s other investments include Kerzner Group, easyHotels, W Hotel Union Square, Jumeirah Golf Estates and Cape Town’s V&A Waterfront.
Linklaters’ team was led by real estate partner Joe Conder and included real estate tax partner Jonathan Evans; banking associates Richard Hughes, Andrew Stanfield and Philippa Wadge; tax associates Katie Price and Fiona Houston, corporate associates Philippa Gavey, Alex Molla, Nick Glynn, Sue Ann Lee and Dubai partner Tim Ross and associate Ed Aldred. Linklaters worked alongside Macfarlanes (Simon Hillson and Monica Brij) on the transaction, with Macfarlanes being responsible for property due diligence. Macfarlanes have an ongoing relationship with P&O Estates in relation to property developments.