Trowers & Hamlins has won a role advising Morley Fund Management on its £101m purchase of London office building 27 Knightsbridge.
Morley, one of the biggest fund managers in the UK with £32.5bn in property assets, bought the building from the Henderson Central London Office Fund. The latter was represented by Kirkpatrick & Lockhart Preston Gates Ellis (K&L Gates).
According to Trowers partner Philip Peters, the acquisition proves that property deals are still being transacted, despite the unstable investment market.
“In this wobbly investment market it’s interesting to see that there are still some clients buying the right property at the right place at the right time,” he said.
Peters led the Trowers team acting on the deal, while real estate partners Wayne Smith and Chris Major led the transaction for K&L Gates.
Peters said the two teams worked together to achieve the best possible deal for both sets of clients. “It’s interesting to see two law firms working together rather than taking an adversarial approach,” he said.
Tenants of the 65,000sq ft building at 27 Knightsbridge include prominent hedge funds and specialist fund managers such as Allianz Specialised Investments, Cairn Capital, Oaktree Capital Management and Clariden Asset Management.
Trowers has acted for Morley on a number of deals in the past, including Leeds restaurant, retail and leisure development The Light, which Morley purchased earlier this year for £120m. The development includes a Radisson hotel, a multiplex cinema and an Esporta health club.