Mayer Brown advises Crosstree Real Estate Partners on the sale of The Bower
22 January 2016
London - Mayer Brown has advised Crosstree Real Estate Partners on the sale of its interests in 207 and 211 Old Street, London EC1, also known as The Bower, to Helical Bar plc for a combined priced that valued the assets at £248 million. Simultaneously, Crosstree has agreed to acquire the retail parade, at 183-213 Old Street, London EC1, for £23 million.
The properties were held in a joint venture owned by Crosstree and Helical, which acquired the site in 2012 to redevelop it into a mixed-use project, comprising office, retail and restaurant spaces in the heart of London’s 'tech-belt' district. Mayer Brown advised the joint venture on the original acquisition.
Jeremy Clay, global head of Real Estate at Mayer Brown, said: “Crosstree and Helical’s development of The Bower is creating a vibrant new landmark quarter on Old Street. We are delighted to have worked with the joint venture on this project."
The Mayer Brown team was led by Jeremy Clay and included Real Estate Finance partner Andrew Hepner and senior associate Iain Roberts; and Corporate & Securities partners Richard Page and Connor Cahalane, senior associates Sam Webster and Jonathan Musker and associate Jo Maitland.
Mayer Brown also advised the joint venture on the sale of Empire House, the hotel asset comprising part of the 3.12 acre site, to Standard Life Investments Long Lease Fund for £20.65 million in November 2015.
In addition, Mayer Brown advised Crosstree on the formation of a new 50/50 joint venture with AEG, the owner and operator of The O2, the landmark building on London’s Greenwich Peninsula, and advised the joint venture on the £185 million financing to construct a new designer outlet village on the undeveloped parts of The O2, in January 2016.