Nabarro has advised the joint venture between Hermes and Canada Pension Plan Investment Board (CPPIB) on their forward purchase of South Bank Tower for around £150m. The acquisition is of the offices and retail elements, along with the residential ground rent income, from owners Jadwa Investment and CIT Group.
South Bank Tower, which was previously known as King’s Reach Tower, is a mixed-use scheme that involves the redevelopment of the original Seifert-designed building. The scheme is set for practical completion between October 2015 and May 2016 and will comprise about 269,000ft² of office and retail accommodation, along with 191 residential apartments. All of the residential apartments will be accommodated in the tower that will have been extended by 11 storeys to provide a total of 41 floors.
Various Nabarro teams were involved in the transaction, including real estate led by partner Simon Staite, who was assisted by senior associate Sergio Vella. Additionally, construction partner Alistair McGrigor was supported by senior associate Rebecca Prigg and associate Jolyon Bond as well as senior associate Clare Eccles and associate Gemma Gregory from the planning team. Tax partners Kirsten Prichard Jones and Nick Burt and real-estate dispute resolution partner Nick Lloyd were also involved in finalising the deal.