Lovells has landed its first property job for Aviva, after being instructed to advise on the outsourcing of the insurance giant’s property portfolio.
Although the City firm has previously completed work for Aviva (formerly known as CGNU), it has not been in the property arena. Other firms to have been involved in property work for CGNU include Clifford Chance, Berwin Leighton Paisner, Hammonds, Nabarro Nathanson and Penningtons.
The company’s large corporate deals have tended to be the domain of magic circle firms, with Clifford Chance advising CGU and Slaughter and May advising Norwich Union on the initial merger, which saw the formation of what is now Aviva.
If the deal goes ahead it will see Aviva outsource about six million square feet of its UK-wide estate, which will not include its trophy central London assets.
It is understood that Aviva is in talks with usual outsourcing suspects Land Securities Trillium and Mapeley, and possibly London & Regional. It looks like Allen & Overy has picked up its first major piece of work for Trillium since its addition to the panel, despite the fact that Freshfields advised it on both the BT and BBC outsourcings.
Freshfields is, however, currently advising Trillium on the Department of Work & Pensions outsourcing, which has been causing a political furore because the Government awarded Trillium the work without a tender process.
Mapeley is believed to have opted for Linklaters. It is thought that Herbert Smith or Denton Wilde Sapte may advise London & Regional on any possible deal.
All the firms involved declined to comment.