Berwin Leighton Paisner (BLP) and Taylor Wessing have advised on the £97m sale of Heron Plaza by Heron International to Singaporean UOL Group.
Mourant Ozannes and Jersey firm Ward Yates also played roles on the deal as the transaction involved UOL incorporating two Jersey companies, which acquired units in an existing Jersey Property Unit Trust.
The deal sees property tycoon Gerald Ronson offload the Heron Plaza site in the City of London after 15 years. The site, next to Heron Tower on Bishopsgate, has planning consent for a 44-storey tower, including a five star hotel, residential and retail units.
Taylor Wessing advised Heron International on the sale, led by head of real estate Keith Barnett alongside corporate partner Russell Holden and tax partner Peter Jackson.
Mourant Ozannes advised on the Jersey-related aspects of the deal for Heron International, led by partners Simon Felton and Edward Devenport.
BLP advised OUL Group, with the deal led by executive chairman Robert MacGregor and commercial real estate partner Deepa Deb alongside corporate partner Dylan Mackenzie and tax partner Richard Harbot.
Jersey-based Ward Yates worked in conjunction with BLP to advise UOL Group on the Jersey aspects of the deal, led by the newly-formed firm’s founding partners Victoria Yates and Nicholas Ward.
Background to the deal:
The deal marks UOL’s first transaction in London, although the group owns and operates 38 hotels, resorts and serviced suits in Asia-Pacific and North America.
The Singaporean property developer was introduced to BLP by Singaporean firm WongPartnership. BLP’s involvement with the client is expected to extend to the construction of the tower and the sale of the accommodation.
Taylor Wessing has acted for Heron International for approximately a decade and was appointed to this deal as a result of its hotel development experience.
Ward Yates is a newly-established Jersey firm, which only began trading on 1 August. The firm’s name partners were formerly at Ogier.