SJ Berwin, Nabarro nab £141.5m City property deal

Invesco is to pay Hermes Real Estate £141.5m for One Finsbury Circus on behalf of the BT Pension Fund and the Royal Mail Pension Fund, acquiring it for one of Invesco’s pan-European funds.

The building, formerly Britannic House, is a stone’s throw from Moorgate tube station and has been home to Stephenson Harwood since April. The City firm occupies all but one floor of the nine-storey building, previously occupied by BP.

Nabarro advised Hermes on the sale, with partner Simon Staite taking the lead.

Although Nabarro has had a number of instructions from Hermes since its appointment to the company’s panel in 2007, this was the first transaction for the client Staite had advised on. Other panellists are Berwin Leighton Paisner, LG and Maxwell Winward.

SJ Berwin partner ­Darren Rogers headed the team acting for Invesco, the first time the firm - a longstanding adviser - has advised Invesco on a deal for one of its pan-European funds. Rogers was assisted by corporate partner Michael Goldberg and tax partner Giles Bavister.

The deal, that is understood to have been financed out of equity, involved a ­Jersey property unit trust with a limited partnership underneath.

For the transaction to go ahead it had to comply with regulations arising from the façade having Grade II* ­listed status. Planning ­consultancy DP9 advised
on this.