BLP acts for PIC in historic Admiralty Arch deal
International law firm Berwin Leighton Paisner (BLP) has advised Prime Investors Capital Limited in relation to the acquisition of the long leasehold of Admiralty Arch from the UK Government, which completed ahead of schedule on 17 June.
BLP acted on all UK aspects of the transaction including the equity and debt funding and the negotiations with the Government, in a project lasting almost three years. Admiralty Arch is a grade 1 listed building and a London landmark with historical and architectural significance. Originally designed as a ceremonial passage from Trafalgar Square towards Buckingham Palace, PIC plans to renovate the former office space into a 5 star hotel, residences and private members’ club. £65.5 million is being paid to the Government for the leasehold interest.
“This is an iconic landmark in London, and a highly prestigious acquisition,” remarks partner Adam Bogdanor. “It has been hugely rewarding for the team here at BLP, as it provided a fantastic opportunity to bring together a cohesive team of specialists from our key practice areas of corporate finance, finance and real estate who worked hard to get the best result for our client.”
A multi-disciplinary BLP team, led by partners David Battiscombe and Adam Bogdanor, acted for PIC. The team comprised of partners Steve Clark and Naveen Vijh, and associate Laura McConnell (Finance); senior associate Alexis Karim (Corporate); and associates Kate Shirlaw and Rebecca Cowley (Real Estate).