News & Events | News

Wednesday 27th February 2008

European law firm SJ Berwin LLP’s real estate division has advised The Crown Estate on a major transaction involving 580,000 sq ft of aggregate prime West End property valued at over £400 million.

The swap between The Crown Estate and Great Capital Partnership, a 50:50 joint venture between Great Portland Estates and Capital & Counties, a subsidiary of Liberty International has been hailed as the largest ever of its kind in the West End.

The Crown Estate gained a freehold property for its Regent Street portfolio and bought in two headleases, giving them control of three buildings, further consolidating their ownership of property on Regent Street.  It gives The Crown Estate further opportunities to include mixed use developments comprising of flagship stores, large office space and residential units.

This is the sixth property swap undertaken by The Crown Estate on Regent Street since 2002.  SJ Berwin also advised The Crown Estate on the recent exchange of properties with The Pollen Estate involving 13 properties valued at circa £100 million.

Partner Bryan Pickup led the SJ Berwin team advising The Crown Estate, assisted by a team led by associate Katheryn Walters.  Pemberton Greenish assisted on specialist residential issues.  Partner Caroline Maude led the Nabarro team advising Great Capital Partnership, assisted by Barry Morris and Lucy Preston.  Berwin Leighton Paisner advised Great Capital Partnership on some lease related issues. 

For further information please contact:

Bryan Pickup on +44 (0)20 7111 5907 2468, email bryan.pickup@sjberwin.com  or Jodie Yates on +44 (0)20 7111 5907, email jodie.yates@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 Global Chambers Awards 2007 and Private Equity Team of the Year at the Financial News Legal Awards 2007.  
  
  
• SJ Berwin's Real Estate Division totals 150 staff  in London of which 23 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 partners specialising in real estate in our Continental European offices.  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. It was shortlisted Real Estate team of the Year in this year’s British Legal awards. 
  Revenue from Real Estate represents approximately 21% of the firm's total revenue in London.
  
  
• The Crown Estate is valued at over £7 billion, including substantial blocks of urban property, over 120,000 hectares (300,000 acres) of agricultural land in England, Scotland and Wales, and around half the foreshore, together with the seabed out to the 12 mile territorial limit. 
  
  
• All of The Crown Estate’s revenue surplus is paid directly to the Exchequer for the benefit of all UK taxpayers, and in 2006/07 this amounted to £200.1 million.
  
  
• As owners, managers and guardians of one of the worlds most important and diverse urban, rural and marine property portfolios, our work is underpinned by the three core values of commercialism, integrity and stewardship.
  
  
• The Crown Estate is part of the hereditary possessions of the Sovereign “in right of the Crown”, managed under the provisions of the Crown Estate Act 1961 by The Crown Estate who have a duty to maintain and enhance the capital value of the Estate and the income obtained from it.