CC, Dentons, SJ Berwin advise on City redevelopment project

Clifford Chance, SJ Berwin and SNR Denton won roles on the joint acquisition and redevelopment of an office site in the heart of the City.

The joint venture sees Axa Real Estate and ­Macquarie-owned property adviser MGPA acquire and redevelop 6 Bevis Marks, the former James Capel building near Liverpool Street.

The deal is funded half by Real Estate Opportunities Fund II, a property fund managed by Axa Real Estate, and half by MGPA Europe Fund III. German real estate finance bank Eurohypo is putting money towards the development cost of around £115m.

It will create 160,000 sq ft of office space and 12,000 sq ft of retail space.

The building was bought a few years ago by Portuguese property company MBM, which has since gone into insolvency proceedings in the UK and Spain, including administration in the UK.

SJ Berwin advised Axa Real Estate and MGPA, ­putting forward real estate partner Edward Page, ­construction head Julia Court, insolvency partner Jeremy Goldring and tax partner Heather Corben.

Page has advised Axa Real Estate on a number of deals in the past. The transfer of a team of Axa executives to British Land led to a flow of retail work for Page from the property giant, including a role on the acquisition of 17 Virgin Active racket clubs for £179m from health club chain New Esporta ­Holdings (The Lawyer, 18 July).

Anthony Shatz, a corporate partner with a focus on the real estate sector, advised on the corporate aspects of the deal.

SJ Berwin previously advised Axa on the acquisition of 52-60 Holborn Viaduct from Favermead.

Clifford Chance partner Mark Rees-Jones acted for Eurohypo, while SNR ­Denton acted for Zolfo Cooper, the adminstrators of MBM, fielding insolvency partner Rachel Anthony and real estate partner Andrew Hill.

SNR Denton is understood to be acting for Zolfo Cooper on the UK aspects of MBM’s administration, with Uría Menéndez advising on Spanish elements.
The deal is expected to be completed in autumn 2013.