Wragge & Co's Projects team has advised facilities management provider Lovell on a new £32.8 million facilities management contract. The contract is for the delivery of facilities management across a £300 million housing project in North Tyneside. The development, one of the largest of its kind, will comprise 924 apartments across 10 new and 16 refurbished housing schemes designed for elderly residents.
Dentons has advised DAMAC Real Estate Development Limited, a leading developer of high-end and luxury residential property in the Middle East, on its debut debt issuance of a USD650,000,000 five year Regulation 'S' senior unsecured Sukuk maturing in April 2019, issued at a profit rate of 4.97 per cent.
Eversheds has advised property developer Urban Splash on a £135m refinancing deal and a new joint venture agreement with The Pears Group.
Urban Splash, working in partnership with The Pears Group, has agreed to refinance £135m of its remaining debt from the RBS, CoOp, HSBC and Blackstone and formed a new joint venture with Pears.
The new joint venture will initially fund the Urban Splash Braun portfolio, which consists of 35 properties including; Fort Dunlop in Birmingham, the Matchworks in Liverpool and Smithfield Buildings in Manchester.
Paul, Weiss client Murray Hill Properties, in partnership with affiliates of Soho Properties Inc., Hampshire Hotels Management LLC and Flintlock Construction Services, acquired the Parsons New School for Design building at 560 Seventh Avenue in the Times Square area. The acquisition was financed by Colony Capital. The partnership plans to demolish the existing improvements and construct a $300 million mixed-use project that will include a new Dream Hotel and approximately 20,000 square feet of retail.
K&L Gates LLP has advised Emirates REIT (CEIC) Limited (Emirates REIT), the United Arab Emirates-based real estate investment trust, on its initial public offering (IPO) on NASDAQ Dubai - the first IPO in the UAE in five years. The IPO raised US$175 million (before the exercise of the over-allotment arrangements) and was over-subscribed 3.5 times.
Emirates REIT is the first Shari’ah compliant regulated real estate investment trust incorporated in the Dubai International Financial Centre.
Stephenson Harwood LLP's client, the Interserve/Kajima consortium, has been appointed as the preferred bidder on the first private finance batch of the UK Government’s flagship school building programme – the Priority School Building Programme (“PSBP”).
The consortium will design, construct and maintain seven schools in Hertfordshire, Luton and Reading, worth up to £150m. The consortium beat rivals Morgan Sindall and Wates, who had also been shortlisted for the project.
Nabarro has advised longstanding client Hermes Real Estate on a joint venture with The Co-operative Group to deliver the UK’s biggest regional redevelopment project, the £800 million NOMA scheme in Manchester City Centre.
The Co-operative and Hermes Real Estate have exchanged contracts to become 50/50 partners on the development of the 20 acre mixed use scheme. Completion of the deal is expected in mid-May.
Slaughter and May advised Derwent London plc on the sale of the freehold interest in Jaeger House, 57 Broadwick Street, London W1 to Shaftesbury Carnaby Limited for £30.75 million.
The property comprises 24,900 sq. ft. of office and retail accommodation, together with 37 residential units on the upper floors.
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Real Estate: Jane Edwarde (partner), Simon Bartle (associate)
New York, NY - Paul Hastings LLP, a leading global law firm, announced today that the firm advised Steven Fisher and other family members of real estate firm Fisher Brothers in the sale of Plaza Construction, a construction management and general contracting firm, to China Construction America, a subsidiary of China State Construction Engineering Corp., which is one of the largest builders in China. The price of the sale was not disclosed.
Dentons Warsaw Real Estate team advised BlackRock’s Real Estate division on the sale of the Rondo 1 office building in Warsaw, Poland to Deutsche Asset & Wealth Management’s real estate business.
Rondo 1 is an exceptional office complex developed in 2006 and consists of a 40-story glass tower and a 10-story associated building. Located right in the center of Warsaw, it offers its tenants top quality office space.
The Dentons team was led by partner Pawel Debowski. Senior associate Maciej Jodkowski ran the project from the transactional side.