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Published 2 May 2017
International law firm DAC Beachcroft has acted for global real estate investment firm Hines on the £485 million sale of its development at Cannon Place.
In its first instruction for Hines, the firm provided real estate advice working in conjunction with US firm Greenberg Traurig, which handled the corporate aspects of the sale. DAC Beachcroft's team was led by London Real Estate partner Helen Murcott, with support from Dilpesh Shah, Bhavini Patel and Astrid Hardy.
The award-winning property is located above Cannon Street Station in the City of London and provides 418,198 sq ft of Grade A office, retail and ancillary accommodation arranged over two basements, ground and eight upper floors. It is fully let to six office tenants and one retail tenant.
Commenting on the deal, Helen said: "We are proud to have played a key role in such a significant transaction for the London real estate market. The sale is a good outcome for both Hines and the new owners, Deka Immobilien, who have acquired an award-winning property in an excellent location with a strong tenant mix."
Robert Lee, Head of the Real Estate practice at DAC Beachcroft, said: "The team worked extremely hard to close this highly complex, landmark deal for Hines. The result demonstrates our sector expertise and our commitment to providing high-quality advice to clients across the UK and the capital."
Ashurst advised on construction aspects of the deal while Linklaters took the lead on planning. Deka Immobilien was represented by Simmons & Simmons.