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SJ Berwin has advised Christian Candy’s CPC Group on a swap with Icelandic bank Kaupthing, allowing the property developer to exit Noho Square in Fitzrovia, London.
CPC has transferred its equity and shares in the scheme to Kaupthing Bank, which now owns 100 per cent of the project, and in return has acquired 100 per cent of Kaupthing’s interest in the luxury residential project 9900 Wilshire in Beverly Hills.
SJ Berwin corporate partner Tandeep Minhas told The Lawyer: “Although the two projects weren’t contractually interlinked, the joint venture agreements were very similar and they were carried out in quick succession.”
The swap takes place after the UK arm of Kaupthing, Kaupthing Singer & Friedlander, was taken into administration.
SJ Berwin advised CPC on its initial acquisition of a stake in the former Middlesex Hospital site on Mortimer Street in 2006, which was bought for £175m. The Beverly Hills site was purchased for £289m in 2007.
Kaupthing is drawing up a shortlist to either sell or find a joint venture partner for the Noho Square scheme, in which it is the principal debt-holder.
Minhas said: “CPC is an obvious candidate because it knows the site and Kaupthing and CPC have worked together.”
Corporate partner Nigel Stone of Boodle Hatfield acted for Kaupthing and declined to comment.