BLP advise on M1 strategic acquisition of Times Place
Berwin Leighton Paisner (BLP) acted for 45 Pall Mall Ventures Limited, the purchasing entity of M1 Real Estate, a Monaco-based real estate investment and development company, on their acquisition of the freehold of Times Place at 45 Pall Mall, W1.
Times Place, a development which was completed in 1997 covers a total area of approx. 60,000 sq ft, and comprises over nine floors. The property is already fully let to high quality tenants and is expected this year to have a yield of more than 7.8%.
The strategically important acquisition of Times Place adds to an impressive property portfolio for M1, which already includes properties in Cadogan Square, Cadogan Gardens, and Grosvenor. Times Place, given the current economic climate represents a good investment with the potential to deliver significant value over the long term. The acquisition has been an important step in enabling M1 to realize their long term strategy of building a global portfolio of prime assets in major cities around the world.
The £56.5m acquisition was completed in a very short space of time, with contracts being exchanged within ten working days, a major achievement for a deal of this magnitude, particularly in the face of the current market conditions.
Five different BLP practice areas resourced by more than 10 staff were involved in the transaction from real estate, through to real estate finance, construction, planning and tax. The real estate team was led by partner Richard Hopkinson-Woolley, assisted by real estate associates Samant Narula, Will Hammon, Edward Monniot and John Carver. The real estate finance team was led by partner Andrew Flemming, supported by associate Georgia Snaith. Construction was led by lead associate Sonali Patel whilst planning was led by associate John Sturt. The tax team was led by partner Neal Todd, supported by associate Joanne Lifton.
Commenting on the deal, Richard Hopkinson-Woolley said: “We are delighted to have been involved in such an exciting project for M1. Not only has this acquisition been a strategically important transaction for them, but it has also been concluded in the face of some of the most challenging economic conditions seen in the last 50 years. This deal represents a huge boost for the London office market as a whole, as well as for M1, and the speed with which it has been completed should not be underestimated.”
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