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Think you’ve spent a fortune on your Christmas shopping? Perhaps spare a thought for Kuwaiti property company St Martins. Last week it was announced that the business had been on quite a spree, popping City law and finance hub More London into its festive shopping bag.
The London Bridge development, home to Ernst & Young, PricewaterhouseCooper, City Hall, and Norton Rose Fulbright’s waterside offices, is thought to have put St Martins back an eye-watering £1.7bn. In fact, it’s one of the UK’s largest-ever commercial property deals.
Macfarlanes continued to work for sellers London Bridge Holdings, having advised on the More London development since it was a sparkle in the owners’ eyes. Nabarro is thought to have picked up instructions from the Kuwaiti business.
In fact, 2013 has been characterised by overseas buyers snapping up key London landmarks. Over the past few months, we’ve seen Singapore-listed Oxley acquire the Royal Wharf, New York’s Ashkenazy Acquisition Corporate purchase Old Spitalfields Market, and just last week Canadian property giant Oxford Properties offered to buy the Royal Exchange.