DLA Piper and Mishcon de Reya both landed roles on PPP developer Cathedral Group and property developer Development Securities’s joint acquisition of London Gate business park in Hayes, Middlesex.
Mishcon advised Cathedral Group and Development Securities as purchasers. Consultant Ronald Hooberman led on the deal for the firm, assisted by tax partner Jonathan Legg and construction partner Simon Hunter.
DLA Piper advised the vendors, with real estate partner Joanne Owen leading.
The developers created a joint venture vehicle to buy the business park from JER Partners, the Blackstone Group and resolution, for an undisclosed cash sum.
The site has 700,000sq ft of office space and was once the headquarters and manufacturing site for record label EMI, and included a plant that pressed records for artists including The Beatles and Jimi Hendrix.
Cathedral Group and Development Securities are set to pump £250m into the business park, which contains many empty and derelict buildings, as part of a redevelopment plan. The two companies named their joint venture Purplexed LLP, a nod to the Jimi Hendrix song Purple Haze.
LG, led by real estate partner Jon Lloyd, advised Development Securities on its entry into the joint venture with Cathedral Group.