Macfarlanes has acted on behalf of Canary Wharf Group plc (CWG) on its acquisition of 15 Westferry Circus from Gort Limited (in administration) and Hibernia (2005) Limited (in administration).

The transaction saw CWG pay approximately £128m as consideration for the asset, as well as take a novation of the existing senior swap which has an estimated value of £11.4m and matures in April 2016.  The purchase price is being fully funded by way of a new loan provided by the Metropolitan Life Insurance Company.

Structured Finance partner Rachel Kelly led the Macfarlanes team and comments: "We were very pleased to be instructed by CWG on this transaction which became particularly complicated as a result of several factors, including a default under the senior loan previously secured on the property, the existence of senior, mezzanine and junior debt, bankruptcy proceedings against the shareholders in the selling vehicles, the appointment of receivers to sell the asset in August 2012, and a work around of a diligence issue involving the subsequent appointment by the senior lenders of administrators of the selling companies."

The team comprised lawyers from across the firm, including partner Tom Pedder with senior counsel Felicity Lindsay and senior solicitor Jenny Sargeant in Real Estate; senior counsel Simon Beale, senior solicitor Richard Fletcher and solicitor Laura Innes in Banking and Finance; and partner Mark Baldwin with senior solicitor Elizabeth Wilson in Tax.