BLP advises UOL Group Limited on first ever UK deal – the £97m acquisition of the Heron Plaza Site
International law firm, Berwin Leighton Paisner (BLP), acted for UOL Group Limited (UOL), a substantial Singapore property company listed on the Singapore Exchange with total assets worth more than $10 billion in Asia and Australia, on its corporate acquisition of Heron Plaza.
The transaction represents UOL’s first foray into the London market.
The 3,200-square metre prime freehold site has planning permission to be developed into a 43-storey tower with an estimated total gross floor area of 52,255 square metres comprising:
(a) 109 residential units for sale,
(b) a 190-room hotel, and
(c) a retail component.
UOL intends to review the above configuration and to operate the hotel under its wholly owned subsidiary “Pan Pacific” brand.
UOL successfully secured Heron Plaza against stiff competition from a number of high-profile bidders with the transaction being completed within 15 working days.
Mr Sien Seu Yeong, General Counsel/Company Secretary of UOL commented: “It has been a genuine pleasure and privilege for UOL to have worked with BLP for our inaugural investment in London. The BLP team has been highly responsive and provided us with commercially pragmatic legal advice thus enabling us to adhere to the tight timeframe for due diligence and finalising of the sale and purchase agreement. We look forward to continuing to deepen our working relationship with BLP as we make progress on the development of this project”.
Chairman Robert MacGregor and Real Estate Partner Deepa Deb led the BLP team comprising Dylan Mackenzie (Corporate) and Richard Harbot (Tax). Deepa Deb commented: “We are delighted to have worked alongside UOL on this, its first London transaction. Despite the complexities and tight timeframe, the transaction went incredibly smoothly and we are very much looking forward to continuing to work with UOL on the Heron Plaza project as it is developed”.