Ashurst has advised Almacantar on the financing for the forward purchase of two significant office developments at One and Two Southbank Place from Braeburn Estates, a joint venture between Canary Wharf and Qatari Diar. The transaction at over £550 million is the largest property deal ever completed on London's South Bank.

The buildings form part of the 1.5m sq. ft. Southbank Place redevelopment being undertaken by Braeburn Estates, which occupies a prime five and a half acre site on the south side of the River Thames, opposite Whitehall and the Houses of Parliament. One Southbank Place will be a new landmark headquarters for Shell International's downstream business. It is fully pre-let to Shell for 20 years and consists of 272,938 sq. ft of office space and two retail units on the ground floor. Two Southbank place is a 297,678 sq. ft. speculative development that Almacantar will market and lease to occupiers.

Canary Wharf and Qatari Diar will have full responsibility for the construction and delivery of the buildings.

The Ashurst team was led by real estate finance partner Ruth Harris, assisted by senior associate Victoria Tarr and associates Tom Corkill, Selina Martines and Emma Kerr.