London Practices — Real Estate

Orrick's global Real Estate Group represents clients that are active throughout the world in all areas of real estate investment, financing, development and management. Our work in London ranges from traditional purchases, sales, leases, and financing to highly sophisticated transactions and complex developments, portfolio acquisitions and multi-jurisdictional deals. We have expertise in every significant area of real estate law, which has enabled us to meet the full range of our clients' needs and to work alongside them to create innovative solutions and new opportunities.

The group in London has extensive experience in relation to the shopping centre and retail sectors, having been involved in the area for more than 20 years. The team has been at the forefront of the development of turnover rent leases in the United Kingdom and is considered to be one of the pre-eminent advisors in this area.

The group also has extensive knowledge gained acting for property developers and resolving complex problems associated with site acquisition and assembly, compulsory purchase and road closures, planning, joint ventures and the creation of major mixed use development sites.

The London group also provides timely and effective litigation capability and advice to clients where needed.

Orrick's global Real Estate Group has become one of the leading authorities representing public and private REITs and parties involved in mortgage backed security transactions and other real estate finance transactions. Combined with the London team's experience in advising property investors and fund managers we are ideally placed to anticipate and service clients' needs in the United Kingdom and around the globe as the real estate market continues to evolve.

Recent transactions handled by our Real Estate Group in London include advising:

• Capital Shopping Centres on the active management, redevelopment and extension of a portfolio of 10 major shopping centres across the United Kingdom. Highlights include:
  • Negotiating and settling the terms of the development agreement and new head lease for the re-development of the Westgate Centre Oxford to create a new £500,000,000 shopping centre.
  • The negotiation and exchange of the agreement with John Lewis Partnership for the new anchor department store at Westgate.
  • Completing the phase three head lease at Eldon Square, Newcastle, enabling commencement of a £150 million redevelopment and extension of the centre, followed by a refinancing of the centre.
  • Acting in 90 lettings/tenancy changes throughout the year in existing centres.
• Pension Fund Client on the sale of property with an aggregate value of more than £175,000,000 for a UK pension fund client of LaSalle Investment Management. The deals involved the sale of seven properties (offices, retail and industrial) in the South of England and were all completed within just seven months.
• Macdonald Egan on three purchases and two sales for this increasingly active South London private developer.
• AMB Property Corporation on several transactions. Notable transactions, including:
  • Advising on a €428 million pan-European credit facility provided by ING Bank NV for the acquisition by its regional subsidiaries of logistics properties in various European jurisdictions and on related asset financings.
  • Advising on the financing aspects of the launch of a new pan-European Fund, AMB Europe Fund I FCP-FIS.
  • Advising on a €275 million pan-European credit facility provided by Aareal Bank AG for the acquisition of properties in various European jurisdictions and on related asset financings.