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For the last two years the phrase “surprisingly busy” has too often been an unfortunate euphemism used by real estate partners to displace concerns about a dearth of transactional activity.
But now it seems that a deal could be struck which would genuinely keep teams at Clifford Chance, Herbert Smith and SJ Berwin rushed off their feet over the coming weeks.
Investment bank Evans Randall is tipped to sell Addleshaw Goddard’s HQ to a Spanish insurer for a hefty profit. This is the same building that Evans Randall acquired just six months ago as part of a joint venture with Al Salam Bank.
And far from being a one-off it’s thought to be indicative of a “frenzied” mood sweeping the prime London property market, with one City real estate partner citing clients “bidding for everything”.
The fact that real estate partners suffered less in recent partnership culls than their colleagues in corporate and finance suggests that management figured correctly that property would be one of the first asset classes to come back (see story).
But with talk of a “double-dip” it’s unclear for how long this will be sustained.
And you only have to look at the recent developments in Dubai to argue that a healthy dose of caution might not go amiss (see story).