Real Estate

The real estate market is changing as it adapts to the changed economic climate. Clients need lawyers with the technical expertise and practical approach to meet the demands of the modern real estate sector and its business requirements. Our team thrives on complexity and innovation, and its legal expertise and knowledge of the real estate market provides a tangible competitive edge for our clients. We don’t simply deal with the technicalities; we are fully committed to understanding our clients' strategic drivers and the way their business operates.

We deliver an all encompassing service to our clients, including construction, environment, sales and acquisitions, lettings and leasing, outsourcing, planning, real estate finance, real estate litigation and regulatory. However, our partners and associates are not just skilled in real estate matters but have wide experience of indirect real estate acquisitions, real estate investment funds, joint ventures and negotiating corporate style documentation. It is our international reach and use of sophisticated structuring techniques for indirect as well as direct real estate investment that differentiates us from many of our competitors and is responsible for our reputation as a high quality real estate investment practice that is seen as one the market’s leading teams.

You will have lots of hands-on experience from your first day in this group. As a trainee, you will have responsibility for running your own files and be the main contact for clients. You will take instructions on new matters. Your work will range from on-going property portfolio management to real estate transactions which may involve other groups (for instance, tax, corporate, banking, capital markets) or our international offices. You will draft simple contracts, negotiate contentious points with lawyers from other firms, and experience a wide variety of commercial conveyancing work.

Recently we have acted for:

• APG and CPPIB on a 50% stake in the new Westfield shopping centre at Stratford next to the site of the 2012 London Olympics for GBP871m (valuing the entire asset in excess of GBP1.7bn).  Westfield Stratford has 1.9 million square feet of retail and entertainment space and is the largest urban shopping centre in Europe.  CPPIB and APG each own 25% of the shopping centre with Austrailian developer, Westfield Group retaining the other 50%.
• Orion Capital Managers on the purchase of an acre of prime residential land in Chelsea known as The Gleve.  The site has planning consent for a residential building designed by Sir Norman Foster comprising six apartments, a duplex penthouse and two detached villas, which are expected to be priced between GBP25m and GBP35m.  The entire complex has a gross development value of GBP300m.  We also acted for Orion Capital Managers on a joint venture with a UK developer to acquire and build out a residential tower scheme located in central London with a gross development value in excess of GBP120m.
• European Medicines Agency on a pre-let of 250,000 sq ft in a new office building of over 500,000 sq ft to be constructed at 25 Churchill Place in London's Docklands.  The building of 25 Churchill Place will complete the development of the orginal Canary Wharf masterplan.  This is one of the largest lettings in the London Market of 2011.
• Avestus Capital Partners on the sale of The Estate Knightbridge to an investment vehicle owned/managed by Chelsfield backed by Olayan for circa GBP600m.   

You can find more information about the Real Estate practice area on the main Allen & Overy website.