International law firm Taylor Wessing has acted for City Pride Limited a vehicle for private overseas investors on the Facility Agreement for the £320m development financing of the Landmark Pinnacle – arguably the tallest consented residential tower in Europe (with associated Island Point site). Taylor Wessing worked closely on the transaction with JTC Group as administrators to City Pride Limited.

The property, a 75 storey residential tower which sits on the Isle of Dogs, will comprise of 162 serviced apartments on levels 2 to 10, 752 private residential apartments commencing on level 11 and rising to level 74, private amenity space for residents on levels 27 and 56, and a rooftop terrace at level 75.

Paul Lawrence, International Head of Real Estate at Taylor Wessing, said: “This transaction is proof that the market for London assets is still strong and that post Brexit and with it the accompanying economic uncertainty, there is still appetite if the right deal is to be had on the right asset. We are proud to have helped City Pride, a long term client of the firm, navigate this new economic landscape and to ensure the next steps are taken on this very exciting project.”

The Taylor Wessing team was led by Real Estate partner Paul Lawrence and was supported by partners Martin Yells (Banking & Finance) and David Quinlan (Construction), senior associates Jane Hilton and Owen Spencer (Real Estate) and Nada Jarnaz (Banking & Finance), and associate Andrew Wood (Construction).

The JTC team was led by Group Director Sarah Clark, with support from Senior Director Tim Knight and Associate Director Carlo Martinengo, all of the Group’s Institutional Client Services division.