Mishcon, Reed Smith scoop Reuben Bros Piccadilly buy

Mishcon de Reya and Reed Smith both won roles on the Reuben Brothers’ £130m purchase of the ­historic Piccadilly Estate from receivers Allsop.

Reuben Brothers investment vehicle Aldersgate Investment Managers paid cash for the 1.3 acre estate, which comprises six buildings including the former site of the In & Out Club.

The property had been on sale since last summer and sparked interest across the globe, with more than 150 parties reported to have inspected the grounds. Reuben Brothers entered into negotiations less than a month ago and contracts were exchanged within one week of the agreement of heads of terms.

Reed Smith, led by real estate partner Jimmy Theodorou, advised ­Aldersgate.

Mishcon advised Allsop, which was appointed as receiver under the Law of Property Act, with real estate partner Nick Minkoff heading the deal.

Minkoff brought the instruction with him when he joined the firm from SJ Berwin in January 2010.

In a statement Theodorou said: “It’s a positive sign for the market that there was so much interest in the site. The fact that we ­managed to get the deal exchanged within five working days is a real credit to the legal teams involved.”