Linklaters advises Qatari real estate company Barwa on £500m London purchase and development funding
25 June 2010
Linklaters' real estate team has advised Qatari real estate company Barwa Real Estate, advised by Amanda Staveley's PCP Capital Partners, on its agreement for purchase and forward funding commitment of Land Securities' Park House development on London's Oxford Street.
The Park House development will provide 310,000 sq ft of retail and office space directly opposite Selfridges and is the largest speculative development in Mayfair for a generation.
The transaction has been structured so that Barwa will pay £225m on completion of the purchase, £25m on practical completion of the development and thereafter a capped profit share to Land Securities. Barwa will take on the funding of the development project and, as part of the deal, Land Securities will stay on as development manager. The scheme is expected to be completed in November 2012.
Real estate partner Joe Conder led the Linklaters team which advised Barwa. He was assisted by Huw Baker and Philippa Wadge - construction; Yvonne Hunter, Sam Dörger and Emma Bennett - real estate; James Spence and Christopher Yip - corporate/real estate M&A; and Elliot Weston and Johanne Joseph - tax.
For further information please contact
Sarah Peters on +44 20 7456 2153 / sarah.peters@linklaters.com
