The deal of the day is without a doubt the sale of Europe’s largest brick building, Battersea Power Station. Its designer, Sir Giles Gilbert-Scott, also designed London’s sorely missed red telephone boxes. The power station’s smokestacks tower 350ft into the air and it featured on the cover of Pink Floyd’s Animals album. With some pigs.
London icon it may be, but it resides in the industrial wasteland of South London – not the usual stomping ground for your average City lawyer, who prefers his sushi or cappuccino in the socialist republic of Islington.
So full marks to Ashurst for plucking up the courage to venture south of the river to advise the buyer, Treasury Holdings.
Incidentally, the deal also legitimises the globalisation strategy of US up-and-comer Reed Smith. Merger mate Richards Butler advised the sellers, Oriental, a client since 1996. Despite the long relationship, we’re sure that it was actually Reed Smith’s location on the south shore of the Thames that bagged the mandate.
Slowly, Norton Rose‘s south London strategy becomes clearer.