M&G has acquired the freehold and will finance the redevelopment of the Charterhouse Estate office in Farringdon. A 25-year lease has been signed and rent will commence upon completion of the works in 2020. Capital will be provided by the £3.8bn M&G Secured Property Income Fund. Alongside the office space, there will be 27 residential apartments and warehousing.
The development will be Anglo American’s HQ and home to De Beers Group, which is majority-owned by Anglo American. The Charterhouse Estate in Farringdon has been part of the De Beers Group portfolio for many years.
Pinsent Masons’ team was led by property partners Kevin Boa and Michael Reid and construction specialist Michael Allan, with assistance on aspects including planning and tax from Melissa Thompson, Laura Kennedy, Victoria Lindsay, Jeremy Webster, Camilla Bascombe and Jan Michl.
Kevin Boa said:
“This is one of the most significant and prestigious forward funding office deals to be struck in the City of London this year. We are delighted to have been able to bring together a multidisciplinary team to advise on property, construction, tax and planning aspects of this complex transaction.”
Pinsent Masons has advised on many of London’s largest redevelopment projects of recent years, including Earls Court, Royal Albert Docks, the Olympic Park, Stratford City Development and Canada Water. In 2017 the firm appointed Anthony Newton as a partner to its London real estate team.
CMS Cameron McKenna Nabarro Olswang LLP acted for M&G.