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“On the Norges deal I worked closely with the lead partner, and together we advised the client from the competitive bid process through to negotiating terms and transaction documents and exchanging and completing the deal. The nature of the documents was such that there were no models you could use as a precedent. That was very challenging, but hugely rewarding when we saw the deal through to a successful conclusion.”Iain Carruthers - of counsel
Client: Norges Bank Investment Management Lead practice area: Real estateValue: £1.8 billionWe advised NBIM on the acquisition of a 25% stake in The Crown Estate’s Regent Street portfolio in a transaction that was described in the press as one of the most significant property deals of the decade.Prior to the deal Regent Street was the longest prime retail street under single ownership in the world, comprised of 37 blocks with almost 1,000 tenants, and the portfolio was valued at £1.8 billion.
The transaction involved putting in place a tiered lease structure. NBIM’s investment vehicle took a 150 year lease with the right to receive a quarter of the rents from the portfolio but with The Crown Estate continuing to manage it directly. The parties also entered into a collaboration agreement governing matters such as decision making, future projects, developments and investment.
NBIM manages the Norwegian Government Pension Fund Global and the deal was its first real estate acquisition in the UK. Our role involved advising NBIM over a nine month period throughout a competitive bid process. This included advising on the structure and heads of terms, setting up a tax efficient investment vehicle for the client, negotiating the leases and providing guidance to the client as to the operational requirements and duties involved in the holding of UK corporate vehicles. We continue to provide ongoing advice in relation to the investment.