London — Mayer Brown advised a wholly-owned subsidiary of Wirtgen Invest Holding GmbH (Wirtgen), a private German family office, on the £190 million acquisition of 50 Finsbury Square, EC2 in London from Great Portland Estates plc (GPE).
GPE will retain responsibility for delivering the development with completion of the sale expected in Q1 2023 following practical completion and commencement of the leases of the office and retail space.
The entirety of the office space has been pre-let to telecommunications company Inmarsat Global Limited and two of the retail units have been pre-let and the other remaining two units are under offer.
“We are delighted to have acted for Wirtgen on this superb and best in class building,” said Chris Harvey, Mayer Brown's European head of Real Estate.
Originally a Fosters & Partners designed building, 50 Finsbury Square is undergoing a comprehensive refurbishment with practical completion scheduled for Q4 2022. Sustainability and wellbeing have been at the heart of the refurbishment and, when complete, the building will be BREEAM ‘Excellent’ and GPE’s first Net Zero Carbon development.
The Mayer Brown team was led by Real Estate partner Chris Harvey, and included Real Estate counsel Robert Patterson, senior associate Alice Miller, associate Jon Smith, counsel Tim Baines, counsel Tamsin Travers and Tax partner Simon Rose.
CMS advised GPE on the sale.