Mayer Brown advise Canary Wharf Group on £300 million JV to redevelop the Shell Centre in London
2 August 2011
Mayer Brown advised Canary Wharf Group plc in a joint venture with Qatari Diar Real Estate Investment Company to conclude an agreement with Shell International to redevelop the Shell Centre site at South Bank.
Canary Wharf Group and Qatari Diar have entered into a 50:50 JV, contributing £150m each to secure the 5.25 acre site on a 999 year lease.
Shell will retain the freehold of the site with Canary Wharf Group and Qatari Diar holding a 999 year lease for the site, excluding the tower.
The development will be mixed use, comprising office, retail and residential space. The well known 1950s, 27 storey tower in the middle of the Shell Centre will be preserved and retained by Shell. Shell will also take a 210,000 sq. ft. pre-let of one of the new office buildings to be constructed on the site.
Jeremy Clay, Real Estate partner at Mayer Brown, said: "We were delighted to work with Canary Wharf Group on this high profile transaction for the redevelopment of one of the most prime locations in London- certainly one of the largest and significant real estate transactions this year."
The Mayer Brown team was led by Real Estate partner Jeremy Clay with Real Estate partner Anita Jones and senior associates Caroline Humble and Iain Roberts. The Mayer Brown team also included Corporate partner Richard Page and corporate associates Joanne Dunstan and David Green with Construction partner Chris Fellowes and Finance partner Nigel White.
Ashurst advised Qatari Diar and their team was led by Real Estate partner Simon Cookson.
Discussions will now begin with local planning authorities and relevant stakeholders to establish planning consent, detailed designs and a timetable for construction.
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