Global law firm Reed Smith has advised the seller on its sale of five adjoining landmark freehold properties in New Bond Street to joint venture partners Oxford Properties, a Canadian pension fund, and Richemont, a luxury brands owner. The deal is reported to be worth over £300 million and is set to complete on 1 August 2014.
This is the first time in more than 40 years that the 50,000 sq. ft. strip, from 130-137 New Bond Street, has been on the market. As the longest privately-owned contiguous parade of freehold shops in New Bond Street, this is likely to be the highest value Central London retail property deal of the year.
Lawrence Radley, Reed Smith real estate partner, commented:
“This is undoubtedly the highest profile Central London retail property deal so far this year and is a globally significant deal in luxury retail, confirming New Bond Street as one of the world’s premier luxury retail locations. This is the latest deal in a long-line of big-ticket real estate deals for the firm.”
Other recent big-ticket real estate deals the firm has advised on include advising the PATRIZIA Immobilien AG and Oaktree Capital Management L.P. joint venture on its £245 million acquisition of IQ Winnersh industrial park; advising Starwood Capital on its establishment of a £360 million joint venture with Vencom to acquire a portfolio of seven shopping centres located in Sweden from Kooperativa Forbundet; and acting for Europa Capital Partners and M7 Real Estate joint ventures on the £140 million corporate sale of the LuxCo joint venture to The Prudential Assurance Company Limited, so as to transfer two industrial property portfolios.
Lawrence Radley led the Reed Smith team which included partner Doug Rofe and associate Danny Bloom in corporate; and associate William Reay-Jones in tax.
Ashurst advised the buyers.
About Reed Smith
Reed Smith is a global relationship law firm, with more than 1,800 lawyers in 25 offices throughout Europe, the Middle East, Asia and the United States.
For further information, please visit www.reedsmith.com or contact Annabelle Price (Branding & Communication Executive EME) on +44 (0)20 3116 3787.