O2 deal a good sign for the property market

Mishcon de Reya and Orrick Herrington & ­Sutcliffe have advised on the off-market sale of the O2 Leisure and Retail Scheme on London’s ­Finchley Road.

Matterhorn Palos ­Partnership (MPP), a joint venture between Matterhorn Capital and Palos Investments, has sold the O2 to Land Securities Plc for £125.9m.

Mishcon real estate ­partner Daniel Lipman led the team acting for MPP, having last year advised the joint venture on its £92.5m acquisition of the scheme.

On the corporate side MPP turned to Orrick, which was led by corporate partner Dean Poster.

Poster quit the firm to join ­Mishcon immediately ­following completion of the deal.

An Eversheds team ­featuring real estate ­partners Gurjit Atwal and David Jones advised Land Securities on the ­acquisition.

Lipman said the size of the deal was a good ­indication of improvements in the property market.

“It’s a good example of those clients who had the confidence to buy early last year and are now reaping the benefits,” he said.