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CMS advises Suntec REIT on acquisition of CPPIB’s 50% interest in Phase One of Nova Victoria, London

9 October 2020

International law firm CMS has advised Suntec Real Estate Investment Trust (Suntec REIT) on the acquisition of 50% interest in Phase One of Nova Victoria from Canada Pension Plan Investment Board.

The CMS team was led by Ciaran Carvalho, partner and Head of Real Estate, and included Matt Nortcliff, Caroline Newsholme, Warren Taylor, Clare Thomas, Lauren Alder, Louise Jones, Sioned Macleod and Henrietta Oliver.

Nova Victoria is a landmark five building office-led mixed-use development adjacent to Victoria mainline and underground stations in central London. Phase One of the Nova Victoria estate comprises two office buildings and a block of residential apartments and saw construction begin in June 2013 and completion in April 2017. The office buildings are effectively fully let, with high-quality tenants. The apartments have all been sold. All three buildings have a strong ground-floor food and beverage offering, which caters for both the office tenants and visitors in the Victoria area.  

Ciaran Carvalho comments: “We are pleased to have assisted Suntec REIT in this important UK acquisition. Despite the challenging market environment, CMS was delighted to have the opportunity to support Suntec REIT and ARA Dunedin on this major multi-faceted transaction in the UK market.”

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