Slaughter and May advised the Cabinet Office on the completion of the lease of Admiralty Arch to Prime Investors Capital (PIC). PIC will renovate the historic building and convert it into a 5 star hotel with residential apartments. The Cabinet Office has worked closely with PIC, Westminster City Council and Historic England to ensure that the building is restored to its former glory. The lease, which was completed ahead of schedule, raises £65.5 million for the taxpayer and the government has retained ultimate control of the building as freehold owner. The transaction forms part of the government’s plan to rationalise its estate to make it more efficient and encourage economic growth.

CONTACTS

Real Estate: John Nevin (partner), Rachael Ashton (associate).