CC and DLA advise on sale of stake in A&O’s London office

DLA Piper and Clifford Chance have advised on Hammerson’s sale of a 75 per cent interest in Allen & Overy’s global headquarters at London’s One Bishops Square in a deal valuing the building at £445m.

DLA Piper’s Oman managing partner Bruce Mullins led a team advising Funderburk Europe 2 – a special purpose vehicle formed on behalf of his long-standing client Oman Investment Fund.

The Oman Investment Fund took a 75 per cent stake with Hammerson retaining 25 per cent, allowing it to offload a portion of its debt. The building continues to be managed by Hammerson.

The purchase is believed to be one of the largest of its kind this year. Mullins said that the investment was indicative of the interest Middle East funds are taking in UK and European assets.

Hammerson was advised by Clifford Chance real estate partner Jonathan Solomon, who was unavailable for comment.

The 800,000 square foot building was built with construction advice from Herbert Smith. Allen & Overy moved in at the end of 2006.