SJ Berwin scores role for British Land on sale of Broadgate estate
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SJ Berwin is understood to be advising property company British Land on its potential sale of a 50 per cent stake in its £2.5bn Broadgate office estate in the City of London.
While British Land has used firms including Freshfields Bruckhaus Deringer in the past, it is understood that on this occasion it has turned to SJ Berwin, with which it also has a longstanding relationship.
Last year SJ Berwin real estate associate Jason Tann advised British Land on the exchange and sale of the Clifton Moor Industrial Estate for £33m (The Lawyer, 14 January 2008).
Freshfields acted for British Land earlier this year when it carried out a £740m rights issue. Partners Julian Long and Sarah Murphy advised the company on that occasion.
British Land is still in the early stages of identifying an investor, although it is believed to be in talks with a consortium of fund managers, including Macquarie Group-backed MGPA and Delancey.
Allen & Overy (A&O) and Clifford Chance both have existing relationships with Macquarie. In 2007 A&O partners Alan Paul and Ian Lopez advised two Macquarie-managed infrastructure funds on their £1.9bn acquisition of Airwave 02.
Last year Clifford Chance advised Macquarie on its acquisition of German energy producer GWE Holdings from Star Capital. Partner Kirsten Kopp led a team from the magic circle firm.
SJ Berwin declined to comment, while A&O and Clifford Chance were unavailable for comment.
