CC and Freshfields scoop HSBC HQ sale

Clifford Chance and Freshfields Bruckhaus Deringer advised on the sale-and-leaseback of HSBC’s global headquarters in Canary Wharf in what is the UK’s largest-ever single property deal.

Clifford Chance advised Spanish property group Metrovacesa, Spain’s largest real estate company and an existing client, which bought the 44-storey building at 8 Canada Square for £1.09bn.

Freshfields advised HSBC, also an existing client, which took a leaseback of the building for a 20-year term at an annual rent of £43m.

The Freshfields team was led by global real estate head Chris Morris.

Morris said: “Once HSBC selected a bidder, the pressure was on to sign quickly. The size, speed and importance of this deal makes it one of the most exciting I’ve ever been involved in.”

The Clifford Chance team was led by global real estate head Cliff McAuley and partners Alfonso Benavides and Mike Edwards.

Allen & Overy acted for HSBC on the financing of the deal, led by senior associate David Barker.