CMS advises on £809m property JV

CMS’ real estate team in Manchester has advised on another high profile property transaction, further reinforcing its growing reputation for leading on major property deals involving international investors.

A team led by Manchester-based Partner Dave Lawson has advised a major Australian institutional investor on its £809m investment into the joint venture that completed the purchase of 21 Moorfields in London this week.

21 Moorfields is a premium 568,500 sq ft London office development fully pre-let to Deutsche Bank. Being built directly above Moorgate station, the asset is due to complete development in Q1 2023 and is targeting sustainability ratings of BREEAM Excellent and LEED v3 Gold.

The joint venture acquired 21 Moorfields for £809m from the developer, Landsec, with Rothesay providing a senior debt facility to finance the acquisition. Lendlease will manage the partnership going forward and the investment represents the investor’s first significant investment into the London office sector.

Dave Lawson led the project with CMS London funds partner Victoria Henry. Other Manchester lawyers working on the transaction include Senior Associate Stephanie Adjepong and Associates Dave Taylor and Chris Beesley.