News

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5 Jun 2009

DLA Piper advises Oman Investment Fund on £445 million joint venture

Press Release

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DLA Piper has advised Funderburk Europe 2 Limited, a special purpose vehicle formed on behalf of the Oman Investment Fund, an investment arm of the Government of the Sultanate of Oman, in connection with its 75:25 joint venture with Hammerson UK Properties Plc. The joint venture acquired Bishops Square, Spitalfields, London E1 for approximately £445 million.

The deal was referred to DLA Piper's London office by its Managing Partner for Oman and client relationship partner for the Oman Investment Fund, Bruce Mullins. Catherine Usher, real estate lawyer and Office Managing Partner for London, had overall responsibility for the DLA Piper team advising on the deal. The team was led by partners Sean Scanlon and Elizabeth Walters (Corporate), with assistance from Juan Perez Tejedor and Kate Salter (Corporate), Richard Wilkinson and Sally Whitney (Real Estate), Toby Barker, Lorraine Clover and Christopher Chan (Real Estate Finance) and Richard Woolich and Simon Slade (Tax).

Bruce Mullins said: "We are delighted to have acted on this transaction which showcases the global platform for services provided by DLA Piper, our commitment to Oman and ability to provide seamless access to our leading corporate real estate practice in London. We look forward to building on our relationship with the Oman Investment Fund."

Catherine Usher said: "It is excellent to see a transaction related to a landmark building taking place in the current difficult real estate market in London. It was a complex transaction that illustrates how our cross practice expertise and international reach benefit our clients."