International law firm Freshfields Bruckhaus Deringer has advised Brookfield Office Properties on its £518m purchase of Hammerson’s London office portfolio.
The deal sees New York-listed Brookfield buying 75% of UK REIT Hammerson’s London offices. It is funding the acquisition through its existing cash resources, the assumption of £66 million of debt and with additional property level debt expected to be put in place prior to close.
The main assets being bought are: 99 Bishopsgate, EC2; a 50% stake in 125 Old Broad Street EC2; Leadenhall Court, EC3 and the development site Principal Place, EC2, which has consent for a 57,000sqm office building and a 23,000sqm residential tower. Additional smaller assets included in the acquisition are 1 Puddle Dock and buildings on Shoreditch High Street adjoining Principal Place.
“This is a major acquisition for Brookfield which will transform its presence in the London market. We have been able to help it achieve its objective in a very challenging timescale. It required a huge team effort across a number of disciplines, reflecting the complexity of the assets.” said John Fordham, managing partner of the Real Estate practice at Freshfields Bruckhaus Deringer.
The Freshfields team was led by John Fordham and real estate partner Emma Kendall supported by, among others, senior associate, Quynh Nguyen and associate, Charlie Williamson (Real Estate); partner, Ian Poynton and senior associate, Samuel Newhouse (Corporate); and partner Colin Hargreaves and associate Alan Rafferty (Tax).