Addleshaw Goddard has advised Hong Kong investor, C C Land Holdings on its acquisition of One Kingdom Street, London, from TH Real Estate on behalf of the Cityhold Office Partnership (CHOP) for £292m.
Located in Paddington Central, the Grade A, 264,898sq ft office building, is home to tenants including Vodafone, Shire, Mysis and Statoil and was sold at a net initial yield of 4.86% and a capital value of £1,100 per sq ft.
One Kingdom Street, which was the first building to be purchased by the CHOP fund (a JV between US financial services institution TIAA and two of Sweden’s national pension funds, AP1 and AP2) is spread over nine floors and was designed by Sheppard Robson architects in 2008.
Michael Elliott, JLL and Ashurst acted for TH Real Estate. C C Land Holdings was represented by Kieran D. Cotter & Co and Addleshaw Goddard and Deloitte.
Addleshaw Goddard has advised C C Land Holdings on the deal with a team led by Lee Sheldon (picture), alongside Jonathan Powling and Michael Harris (Funds and Indirect Real Estate), Paul Concannon (Tax), Iain Hindhaugh (Real Estate) and James Barnett (Real Estate).
Involved fees earner: Lee Sheldon – Addleshaw Goddard; Jonathan Powling – Addleshaw Goddard; Michael Harris – Addleshaw Goddard; Iain Hindhaugh – Addleshaw Goddard; James Barnett – Addleshaw Goddard; Paul Concannon – Addleshaw Goddard;
Law Firms: Addleshaw Goddard;
Clients: C C Land Holdings Ltd;