Ashurst advises La Française on first UK asset acquisition
International law firm Ashurst has advised a La Française collective real estate investment vehicle on its first UK acquisition of a London office building, sold by the joint venture between Helical and The Baupost Group.
The recently developed office and retail property is located at 90 Bartholomew Close in London, between St Paul’s and Farringdon underground stations. The property is multi-let to six tenants from a range of sectors.
The property, certified BREEAM Excellent, was developed by Helical and completed in 2018 as part of the first phase of its mixed-use urban quarter, known as Barts Square. Originally a linoleum factory, it was rebuilt behind a retained Victorian façade and provides 24,000 sq ft of offices across six upper floors and a retail unit of 6,400 sq ft on ground and lower ground levels.
The Ashurst team was led by partner and global head of real estate capital markets David Jones, assisted by senior associates Alex Levart and Rabinder Sokhi and associate Lucy Picton-Turbervill, with construction advice provided by partner Matthew Bool and senior associate Matt Pearson, planning advice from partner Claire Dutch and senior associate Sarah Batterton, tax advice from partner Simon Swann and associate Laura Burt together with French law advice from partner Anne Reffay in Paris.
Jones comments: "We are delighted to have advised La Française not only on their debut UK acquisition, but also the first London property deal to go under offer and exchange since the UK Coronavirus lockdown."