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Mishcon de Reya has advised UBS Global Asset Management on the sale of a London property that saw the client deviate from its traditional investment model.
Traditionally, UBS has operated a buy and sell model. But according to Mishcons real estate partner Ian Paul, the company turned to an investment, development and sale model with 160 Tooley Street in London, which UBS has sold to a private client of HSBC Private Bank for £135m. "Over the past 12 months clients have been increasingly wanting to invest in developments, and as a result our development practice has grown significantly," Paul told The Lawyer. "Expert players have found it increasingly difficult to buy in the market, so they are looking for those developments that make bigger returns. This is a fantastic deal for UBS."
Linklaters real estate partner Joe Conder acted for the buyer on the deal.
The 200,000 sq ft office development is to be let to Southwark Council on a 25-year lease at around £7.5m per annum. Mills & Reeve partner Nick Finlayson-Brown advised the council.
At Mishcons, Paul worked alongside property partner Phillip Freedman, with specialist construction advice from partner Kevin Steele and solicitor James Brownlie.