Ashurst and Orrick Herrington & Sutcliffe have scored leading roles on the investment by Landprop – the development arm of the Inter IKEA Group – in a 12.9 acre site near the London 2012 Olympic Park.
Ashurst real estate partner David Jones led the team acting for new client Landprop in its first investment in a UK site. The developer has previously worked primarily in eastern Europe.
Orrick real estate partner Anne O’Neill advised CB Richard Ellis, which acted as the receiver for the site’s debt holder RBS. The Sugar House Lane site in Stratford will be converted into a mixed-use development, including housing, offices and warehouses.
Ashurst landed the deal as a result of its existing relationship with IKEA’s Swedish property adviser Catella.
Jones said: “For us its marvellous as it’s a new client and their first foray into the UK. They’ve come over looking for opportunities for a mixed-use scheme where they could add value by their ideas.”
The deal comes on the back of Ashurst’s mandate advising longstanding client Westfield on its £4bn Stratford City development, adjacent to the Olympic Park – a deal for which the City firm earned 2010 Real Estate Team of the Year at The Lawyer Awards.
Relationship partners Hugh Lumby and Marc Hanson led on the Stratford City deal and Jones said that local knowledge proved vital in bagging Landprop as a new client.
He added: “Knowing the area and knowing the play within it makes an enormous difference in helping us to create a product for clients.”