Nabarro has advised longstanding client Land Securities on one of the largest property sales in the West End so far this year.
The firm was instructed on the sale of retail and office development Portman House on Oxford Street for £155m to Libyan Foreign Investment Company subsidiary Kinloss Property.
The sale of Portman House, which is let to high street names including New Look, Russell & Bromley and Boots, is one of the first forays into the UK property market for the Libyan purchaser, which was advised by Kingsley Napley partner Paul Harbour.
Nabarro senior associate Tom Goldsmith, who worked alongside lead partner Nicholas Vergette, commented that speed was of the essence on the transaction. “Once foreign investment companies make a decision they want to go ahead and do it,” he said. “The policy was that it should be a no-risk deal – no stone [should be left] unturned.”
Within days of this deal Nabarro also advised Land Securities on the sale of Eversheds’ new London HQ at One Wood Street to Glenn Arrow UK Property Fund for £105.5m. Clifford Chance partner Iain Morpeth advised Glenn Arrow.
The firm was also retained on the £43m sale of 98 Theobald’s Road to Crescent Heights, which was jointly advised by Herbert Smith partner Jeremy Walden and Olswang partner Graham Chase.