A trio of UK law firms has landed the leading roles advising on the restructuring of the investment vehicle for the multibillion pound King’s Cross Central regeneration scheme in Central London.
Lovells partner Andrew Sanders advised longstanding client Argent Group as the head of a consortium that invested £150m to be put towards the construction of an energy centre and a district heating grid and an upgrade of the Great Northern Hotel.
Consortium members London & Continental Railways and DHL Supply Chain were advised by Herbert Smith partner Julian Pollock and Davis Arnold & Cooper partner Christopher Boyce respectively.
Sanders said: “We were working on the restructuring for about 18 months. The deal has meant we’ve created a more efficient model with an investment vehicle which creates a very liquid asset.”
The 10-year development of King’s Cross has been controversial. In 2007 The Lawyer reported that Lovells and London Borough of Camden adviser Denton Wilde Sapte successfully fought off a judicial review launched by the King’s Cross Railway Lands Group (The Lawyer, 30 May 2007).
Pollock said: “There have been several stages of the development. We’re definitely moving into a positive stage despite the challenging economic environment.”