Trio of firms arrange sale of Addleshaws' HQ

28 June 2010 | By Luke McLeod-Roberts

The purchaser, whose identity is shrouded in ­mystery, was advised by Dewey counsel Nicholas Shepherd, having been brought to the firm by partner Camille Abousleiman. The corporate partner has acted for a number of Middle East clients in the past.

The joint owners of the Milton Gate building, Evans Randall and Al Salam Bank, were ­respectively advised by SJ Berwin partner David Ryland and Herbert Smith partners Nadim Khan and Simon Price on the ­disposal.

Evans Randall and Al Salam acquired the 200,000 square foot ­building from UBS Asset Management in summer 2009 for £127m, with ­Herbert Smith playing a key role in the ­creation of an Islamic ­compliant ­structure. On the current sale SJ Berwin has taken a lead role, dealing with most of the due diligence.

Six months ago the joint venture was in negotiations with the Spanish insurance company Mutua Madrileña to sell Milton Gate for £157m (The Lawyer, 2 December 2009). However, that deal did not proceed. Clifford Chance partner Franc Pena acted for Mutua, with regular ­adviser Uria believed to have been conflicted out on that ­occasion.