News & Events | News

Monday 2nd July 2007

European law firm SJ Berwin LLP has advised Elliott Bernard and Sir Stuart Lipton's Chelsfield Partners on the acquisition of London’s world-famous Commonwealth Institute site for redevelopment, for an undisclosed sum.

Chelsfield has teamed up with Addison Developments, a company controlled by the site’s freeholder, the Ilchester Estate, to develop the scheme on the Kensington High Street site.

The deal provides a quick solution for the Commonwealth Institute Charitable Trust, which had been progressing a scheme in a joint venture with Addison Developments, in conjunction with Foster and Partners.  The scheme utilised the Commonwealth Institute’s 999 year-lease on the site and the Ilchester Estate freehold. To facilitate the deal the Trust agreed to sell its leasehold interest through the Ilchester Estate into the new partnership.  The deal will enable the Trust to invest in children’s education and teacher training throughout the Commonwealth.

The new plans incorporate the Commonwealth Institute’s leasehold interests with parts of the Ilchester Estate’s freehold and enables the grade II*-listed Exhibition Hall to be preserved.  Two far less distinctive blocks adjoining the 70,000 sq ft Exhibition Gallery are likely to be replaced with landmark luxury apartments.

The SJ Berwin team advising Chelsfield on the deal was led by real estate partner Nick Minkoff.  Senior corporate associate Tim Barnett acted on the corporate aspects and joint venture arrangements and finance associate David Russell acted on the funding.  Partners Peter Dawson (real estate) and Scott Leonard (corporate) of Russell-Cooke advised the Ilchester Estate and Charlie Anderson at Farrer & Co advised the Commonwealth Institute.

For further information please contact:

Nick Minkoff on +44 (0)20 7111 2599, email nick.minkoff@sjberwin.com  or Karen Roberts on +44 (0)20 7111 2578, email karen.roberts@sjberwin.com   

• On 1 June 2005 SJ Berwin LLP, an English limited liability partnership, took over the business of the SJ Berwin general partnership.  SJ Berwin LLP or an affiliated undertaking has an office in Berlin, Brussels, Frankfurt, London, Madrid, Milan, Munich, Paris and Turin.
  
  
• SJ Berwin LLP was named ‘UK Firm of the Year’ at the 2005 Legal Week Awards on 30 November.  The award recognised SJ Berwin’s five years of international expansion and its involvement in a series of high quality deals.
  
  
• SJ Berwin's Real Estate Division totals 150 staff  in London of which 24 are partners (3 of which are tax partners) ,and over 70 associates, encompassing the disciplines of Commercial Real Estate, Construction, Planning & Environment, Property Litigation, Real Estate Funds and Tax.  In addition, there are 3 dedicated European real estate partners.  There is an increasing emphasis on cross departmental activity with related areas of Banking and Corporate and also cross border / pan European real estate work, with our European offices.  The division acts for blue chip clients including British Land, Royal Bank of Scotland, the Hilton Group, Brixton plc, AXA, The Crown Estate, Marks & Spencer and Gazeley.
  
  
• The Real Estate Team was Legal Business Real Estate Team of the Year 2005.  It was also named "Real Estate Team of the Year" in the Lawyer Magazine Awards 2004, following its advice on the RBS/Canary Wharf transaction, the highest-value property investment transaction in the UK in 2004.
  
  
• Revenue from Real Estate represents approximately 21% of the firm's total revenue in London.