King Street and Arax Properties’ £295 Million Acquisition of Alban Gate in London

Ropes & Gray has advised King Street and Arax Properties on their joint venture acquisition of Alban Gate in the City of London for £295 million.

The 22-storey, 382,000 square foot Grade A office building straddles London Wall, in a prime, well-connected location between Farringdon, Moorgate, St. Paul’s and Barbican stations. Alban Gate underwent a major refurbishment in 2014 by its principal tenant JP Morgan.

King Street Real Estate, the real estate investment arm of King Street Capital Management, manages several opportunistic real estate funds, which invest in equity and debt in dislocated markets and complex situations. Over the past 10 years, King Street has invested approximately $2.5 billion in nearly 50 direct real estate transactions across a wide range of sub-sectors primarily in the United States and Europe.

Arax Properties is a privately held real estate company with assets primarily in the UK, Germany and France. Arax creates value throughout the life cycles of its properties by combining institutional-class financial and strategic know-how with hands-on operational skills and local expertise. Arax has in excess of EUR 2 billion of assets under management and is headquartered in London, with offices in Berlin, Paris and Luxembourg.

The Ropes & Gray team was led by was led by private equity real estate partner David Seymour (Picture), with finance partner Malcolm Hitching leading on the finance aspects. Other members of team included tax partner Andrew Howard and counsel Chris Agnoli, PERE associates David Broome, Harriet Banner and Nick Steynberg, and finance associate Mark O’Connor and finance trainee Samantha Bowley. All members of the team were based in London.

Involved fees earner: Chris Agnoli – Ropes & Gray; Harriet Banner – Ropes & Gray; David Broome – Ropes & Gray; Malcolm Hitching – Ropes & Gray; Andrew Howard – Ropes & Gray; Mark O’Connor – Ropes & Gray; David Seymour – Ropes & Gray; Nick Steynberg – Ropes & Gray;

Law Firms: Ropes & Gray;

Clients: Arax Properties; King Street;