Ashurst has advised subsidiaries of the London-based property investment and development company Almacantar on its £420 million refinancing of One and Two Southbank place in London.
The facilities were advanced by LGIM Real Assets (Legal and General) and refinance Almacantar’s existing development facilities provided by Cain Hoy Enterprises, on which Ashurst advised in 2015.
One and Two Southbank place form part of the landmark 1.5 million sq ft. mixed-use development at Southbank Place, being delivered by Canary Wharf Group and Qatari Diar. They are the first two buildings at Southbank Place to complete, and form an integral part of the wider regeneration of the area.
One Southbank Place reached practical completion in August 2018, with Shell International taking possession of the building for use as its UK headquarters. In January 2019, Two Southbank Place was handed over to WeWork to commence fit out works, completion of which will turn the building into the world’s largest co-working space.
The Ashurst team advising Almacantar was led by London Office Managing Partner Ruth Harris (picture), assisted by senior associate Stuart Blacklock and associate Shafeen Janif. Tax advice was provided by senior associate Tim Gummer.
Freshfields Bruckhaus Deringer LLP advised Almacantar in respect of real estate matters.
Law Firms: Ashurst;
Clients: Almacantar Ltd;