Nabarro acts for Kish Holdings Limited on sale of Kish One Limited, owner of the Daily Telegraph HQ, for £206 million

This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.

Nabarro has acted for Kish Holdings Limited, which was advised by Green Property, in relation to the sale of the whole of the issued share capital of Kish One Limited for over £206 million. Kish One is the owner of 111 Buckingham Palace Road, the Headquarters of the Telegraph Media Group, publishers of the Daily Telegraph and the Sunday Telegraph.

The transaction was completed in three weeks and involved the sale of the shares in the special purpose vehicle (SPV) that owns the property, Kish One Limited, which is an Isle of Man company. Nabarro dealt with all the due diligence and disclosure exercise in relation to Kish One and the underlying property and drafted and negotiated the share sale agreement, tax deeds and all ancillary documentation on behalf of Kish Holdings.

Heading up the Nabarro team was Real Estate partner, Kevin Stimpson, and Corporate partner, Jeremy Phillips. They were assisted by Corporate senior associate John Finnemore and associate Sioned Bates, Banking partner, Mike Delaney and associate, Tumi Jegede, Real Estate senior associate, Neil Dryer, Tax partner Kirsten Prichard-Jones, and associate, Andrew Brooker.

Commenting on the transaction, partner Jeremy Phillips said:

“We were delighted to be involved in this significant transaction, for longstanding client Green Property and Kish Holdings which required the support of a large multi-disciplinary team across the firm. This is another example of an increasing trend for large real estate transactions structured as an "insured" corporate sale and reflects our real estate sector strength; we have been particularly active in this area over recent months.”

Recent transactions for the team include the Land Securities acquisition of the company owning a 30% interest in the Bluewater Shopping Centre from Lend Lease for £656 million and the asset management rights for the centre for a further £40 million, completed at the end of June this year.