Nabarro advises Land Securities in the sale of its 95% stake in Times Square London for £268 million

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

Nabarro has advised Land Securities in the sale of its 95% stake in Times Square, London, EC4, to private equity group Blackstone for £268.4 million.

The 380,000 sq. ft. office development at 160-162 Queen Victoria Street is fully let to six office tenants, including Bank of New York Mellon and law firm Dechert, until 2023. Constructed in 2003 and gradually acquired by Land Securities since 2005, the building includes 4,000 sq ft of retail space and brings in £13.5m in rent annually.

Leading the Nabarro team was Real Estate partner Barry Morris assisted by Corporate partner Peter Williamson and Real Estate senior associate Cheryl Gurnham.

Commenting on the sale, partner Barry Morris said:

“We are pleased to have been able to advise Land Securities through a complex real estate transaction in one of London’s improving areas. Nabarro also played a central role in advising Land Securities on its £656m acquisition of a 30% stake in Bluewater, the iconic, Kent shopping centre from Lend Lease in 2014. We look forward to working on more high-profile developments with Land Securities in the future.”

Colette O’Shea, Managing Director, London Portfolio at Land Securities, said: “We’ve recently carried out some lease regearing activity at Times Square, and its sale reflects our strategy of recycling capital into our significant development programme.”

The deal is expected to complete at the end of July. Strutt & Parker acted on behalf of Land Securities and BNP Paribas advised Blackstone.