Trio of firms advise on Shard of Glass financing

Eversheds, Norton Rose and Rosenblatt have snared key roles in a deal to secure a new funding package for construction of Europe’s tallest building.

Trio of firms advise on Shard of Glass financingEversheds, Norton Rose and Rosenblatt Solicitors have snared the key roles in a deal to secure a new funding package for the construction of Europe’s tallest building – the Shard of Glass at London Bridge.

The loan was provided by Qatar Diar, which is owned by the emirate’s sovereign wealth fund and was advised by Norton Rose finance partner Lucy Wolley Dod.

Development consortium LBQ, represented by Eversheds real estate partner Nicholas Bartlett, said the iconic 1,000ft tower would now be completed as scheduled in 2012.

LBQ’s partner on the £2bn project, the Sellar Property Group, called on Rosenblatt corporate partner David Fairfield.

Ogiers advised the Sellar Group on Jersey Law, led by partner Christopher Byrne.

The future of the project had looked uncertain after several skyscraper schemes were put on ice because of the credit crunch.

The LBQ consortium – which includes Qatari Investment Bank, Qinvest, Qatar National Bank and Barwa International – became involved in the Shard of Glass after a shake-up in January 2008 that saw property tycoon Simon Halabi sell his stake to Middle Eastern investors.

Freshfields Bruckhaus Deringer acted for LBQ on that deal, led by real estate partner Annette Byron, while Olswang partner Graham Barber advised Halabi.

Ashurst, which represented the Sellar Property Group and Teighmore on the original financing in 2006, is no longer advising on the project.

The Shard of Glass will be home to the Shangri-La Hotel as well as office and residential space.