Bedell Cristinadvised AXA Real Estate Investment Managers (AXA Real Estate) on the recently completed £472m acquisition of Ropemaker Place in the City of London from British Land.
Located near the new Crossrail entrance at Moorgate station, Ropemaker Place is a 20 storey, 602,000 sq ft building, providing 571,000 sq ft of prime office space with supplementary retail and ancillary accommodation. Tenants include Macquarie Bank's London HQ.
AXA Real Estate made the acquisition on behalf of a European and two Asian investors in a joint venture structured as a UK Real Estate Investment Trust (REIT) established under the recently revised UK REIT rules. Bedell Channel Islands Limited acted as Channel Islands Stock Exchange (CISX) listing sponsor to the REIT vehicle, while Bedell Cristin provided Jersey law advice on the acquisition.
London-based Jersey partner, Bruce Scott, led the Bedell Cristin team, assisted by associate, Amedeo Claris-Delmedico.
Partner Bruce Scott commented:
"It was a pleasure working with AXA Real Estate and their other advisers on the deal, which is likely to be one of the largest London real estate deals of 2013. The joint venture is one of the first UK REITs to be listed on the CISX following the recent changes to the UK REIT rules. Such changes, when coupled with the relatively low cost and flexible CISX listing regime, should facilitate the structuring of a number of new CISX listed UK REITs."
Tamara Menteshvili, the Chief Executive of the CISX commented:
“We are delighted that the CISX was selected as the platform for the UK REIT on this transaction. The CISX rules applicable to listing investment funds are a good match for the new UK REIT rules and we are hopeful that the CISX can play a key part in the expected expansion of the UK REIT market.”
Nabarro, Deloitte and Strutt & Parker also advised AXA Real Estate. British Land was advised by SJ Berwin and Jones Lang LaSalle.
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