London — Mayer Brown, the global law firm, advised Chinachem Group, a property developer based in Hong Kong with a real estate portfolio of US$13.7bn, on the acquisition of One New Street Square, London EC4 from Landsec, one of the largest real estate companies in Europe with a £10.9 billion portfolio.
One New Street Square provides approximately 276,502 sq. ft. of office and ancillary space near Farringdon station and is fully let to Deloitte with an annual net rent of £16.8m.
Chinachem looks to continue the diversification of its portfolio in international markets having acquired its first overseas asset in London in 2022 with its acquisition of Kaleidoscope, Farringdon, EC1 on which Mayer Brown also advised.
The Mayer Brown advisory team was led by Head of European Real Estate Chris Harvey and Real Estate senior associate Erin Brayshaw. Members of the wider team included Private Equity partner Perry Yam and Corporate & Securities associate James Beattie, Environmental & Planning partner Tim Baines, Construction & Engineering counsel Tamsin Travers, Real Estate senior associate Alice Miller, Tax partner Simon Rose and Tax associate Tamar Ruiz.
Commenting on the transaction, Chris Harvey, Mayer Brown Partner, said: ‘This is a significant transaction which demonstrates London’s positioning as a premium gateway city, providing continuing opportunities for international investors looking for resilient income streams´.