BLP acts for CC Land on purchase of ‘The Cheesegrater’ for £1.15bn

International law firm Berwin Leighton Paisner (BLP) is acting for CC Land Holdings, a Hong Kong listed company, on its acquisition of the Jersey company owning 122 Leadenhall Street, ‘The Cheesegrater’, from a joint venture between British Land, London listed property development and investment group, and Oxford Properties.

British Land and Oxford Properties developed The Leadenhall Building as an investment in a 50/50 joint venture formed in 2010. Construction started in early 2011 and completed in summer 2014.

The parties agreed to the transaction on 1 March 2017 and completion is conditional on buyer’s shareholder approval. The property is valued at £1.15bn. On completion this will be the second biggest single asset property deal in the UK, only surpassed by the sale of the HSBC Tower in Canary Wharf in December 2014, on which BLP also acted.

The BLP core deal team has been led by Chris de Pury, Head of Real Estate, Corporate Partner Adam Bogdanor and Head of Tax Elizabeth Bradley together with James Banks and Gareth Stringer (Real Estate), Andy West (Tax) and Raymond Fang (Corporate).

Commenting on the deal, Wong Chi Keung “Dickie”, the Deputy Chairman of CC Land, said: “We are delighted to work with BLP on this important transaction and really value their multi-disciplinary team approach.”

Mayer Brown acted for British Land and Herbert Smith Freehills advised Oxford Properties.

 

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