Mayer Brown advises China Overseas Holdings Limited on its £143 million forward purchase of Carmelite Riverside, London
10 October 2014
London - Leading global law firm Mayer Brown has advised China Overseas Holdings Limited on its forward purchase of Carmelite Riverside, London for £143 million. China Overseas Holdings is one of the largest real estate developers focused in Mainland China.
Carmelite Riverside, a 135,000 sq ft office development at Victoria Embankment, is China Overseas Holdings third high quality acquisition outside of China. Mayer Brown also assisted China Overseas Holdings on its two previous purchases of Centrium, 61 Aldwych for £170 million and 1 Finsbury Circus, London for £152 million in 2012-2013.
The development has been fully let to publishing giant Hachette UK.
Chris Harvey, Head of Real Estate Investment at Mayer Brown, said: "We are delighted to have assisted China Overseas Holdings with their third London acquisition. China Overseas were the first state-owned Chinese company to invest into UK real estate in 2012 and have paved the way for a new wave of investment from Chinese organisations."
Mayer Brown has recently acted for a number of Chinese investors on high value UK acquisitions, including advising Ping An Insurance on the acquisition of the Lloyds of London Building for £260 million in 2013.
The Mayer Brown team was led by Real Estate partner Chris Harvey and included Real Estate senior associate Danielle Gerber; Corporate & Securities partner Jeremy Kenley and senior associate Patrick Hennessy; Tax Transactions & Consulting senior associate Ben Fryer and Litigation – Construction partner Chris Fellowes and associate Sebastian Cunningham.