Global legal practice Norton Rose Fulbright has advised a joint venture between Ask Real Estate, Carillion plc and Tristan Capital Partners, on the first phase of a new mixed use development in the historic ‘Greengate’ quarter of Manchester.

Norton Rose Fulbright first advised Ask, a long term client of the London real estate practice, in 2007 when it entered into a framework agreement with the landowner, Network Rail. Kept alive by Ask’s determination to realize its vision of regenerating the former Exchange Station, Greengate and, in doing so, re-connect Salford and Manchester across the River Irwell, negotiations began for a joint venture at the beginning of this year, following a pre-let of the car park element to Q-Park.

Those negotiations culminated in the draw-down of a long lease from Network Rail. That lease will allow phase one, a 200,000 sq ft office building arranged over eight floors, to proceed, aided by debt funding from Helaba.

London based real estate partner Dan Wagerfield led the Norton Rose Fulbright team. He comments:

“We are delighted to see Ask’s vision for Greengate being brought to fruition and to have played a part in its success. It’s a testimony to Ask’s abilities that they have kept the project alive through some very turbulent times.”

Berwin Leighton Paisner represented Tristan Capital Partners. Carillion was represented by Slaughter and May and Herbert Smith Freehills represented Helaba.