Canary Wharf is seeking leave to appeal after losing a case that revolves around a lease drafted by prospective tenant Clifford Chance.
Berwin Leighton Paisner (BLP) consultant Laurie Heller and Paul Morgan QC of Falcon Chambers last week won the High Court battle for the Telegraph Group over rent reviews.
Canary Wharf and its tenant failed to agree on how the rent review clause should be interpreted, prompting the landlord to bring a claim against the tenant.
BLP said in a statement: “The potential loss of revenue to Canary Wharf from Telegraph [Group] is likely to be significant; the difference between a lease for a term of 25 years and a lease for a term of 15 years is, in the present market conditions, material.” The Telegraph Group has 15 years to run on its annual rent of £3,839,610.
Canary Wharf was advised by Linklaters partner Katie Bradford and Michael Barnes QC of Wilberforce Chambers. “This case demonstrates that unambiguous drafting will not be defeated,” said Heller.
Linklaters London seals Montagu first
Linklaters‘ London private equity team has scooped its first instruction from Montagu Private Equity.The magic circle firm has won a mandate to advise Montagu on its £860m leveraged buyout of Linpac, the family-owned UK packaging group. Montagu (formerly HSBC Private Equity) has existing relationships with Clifford Chance, Macfarlanes and DLA.Macfarlanes was unable to advise Montagu because […]
