This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.
Nabarro has advised the joint venture between Hermes and Canada Pension Plan Investment Board (CPPIB) on their forward purchase of South Bank Tower for around £150 million. The acquisition is of the offices and retail elements, along with the residential ground rent income, from owners, Jadwa Investment and CIT Group.
South Bank Tower, which was previously known as King’s Reach Tower, is a mixed-use scheme that involves the redevelopment of the original Seifert designed building. The scheme is set for practical completion between October 2015 and May 2016 and will comprise about 269,000 sq. ft. of office and retail accommodation, along with 191 residential apartments. All of the residential apartments will be accommodated in the tower that will have been extended by 11 stories to provide a total of 41 floors.
A host of Nabarro teams was involved in the transaction including Real Estate led by partner Simon Staite who was assisted by senior associate Sergio Vella. Additionally, Construction partner Alistair McGrigor was supported by senior associate Rebecca Prigg and associate Jolyon Bond as well as senior associate Clare Eccles and associate Gemma Gregory from the Planning team. Tax partners Kirsten Prichard Jones and Nick Burt and Real Estate Dispute Resolution partner Nick Lloyd were also involved in finalising the deal.
Simon Staite, Real Estate partner at Nabarro commented:
“The team was thrilled to be involved in the acquisition of such a key building along the Thames where a great deal of development is taking place. This is Nabarro’s first acquisition for the Central London partnership since acting on the joint venture last summer and a clear reflection of the client’s confidence in the location south of the river."