06:36, July 27 671 0

2017-07-27 06:36:12
Mayer Brown and BLP lead on £1.28bn Walkie Talkie sale

Mayer Brown and BLP have led on LKK Health Products Group’s £1.28bn purchase of the Walkie Talkie in the UK’s biggest deal for a single office building.

The acquisition was made by Hong Kong-based LKK Health Products Group, an arm of the larger Lee Kum Kee group, from Landsec and Canary Wharf Group who purchased the Walkie Talkie, or 20 Fenchurch Street, in 2014.

Mayer Brown advised LKK Health Products Group on the deal with head of UK real estate Chris Harvey and partner Jeremy Clay leading the team.

Real estate partners Andrew Hepner, Caroline Humble, Anita Jones, Pat Jones assisted with help from antitrust and competition partner David Harrison, construction engineering partner Jonathan Olson-Welsh, corporate securities partners Jeremy Kenley, Connor Cahalane and Tim Nosworthy, employments and benefits partner Nick Robertson and tax transactions and consulting partner Sandy Bhogal.

Surveyors Cushman & Wakefield also advised LKK with head of London capital markets James Beckham taking the lead from its end.

Canary Wharf Group were advised by BLP head of investment management Antony Grossman and chairman Robert MacGregor leading for the firm.

CMS advised Landsec in the deal with real estate partners Victoria Henry and Barry Morris, and tax partner Nick Burt leading for the firm.

The deal eclipses the £1.2bn paid by the Qatar Investment Authority when it purchased Canary Wharf’s HSBC Tower in December 2014.

Harvey said: “The purchase of this iconic London building is an excellent example of the continuing interest by overseas investors in prime London real estate. We are delighted to advise LKK on the acquisition of this landmark real estate asset.”

Mayer Brown has had a strong 2017 after advising British Land on the sale of the Leadenhall Building, better known as the Cheesegrater, in February in a deal which also involved BLP. The Cheesegrater sold for £1.15bn to Honk Kong-buyer CC Land echoing LKK’s move and taking the total value of central London office space bought by Honk Kong investors in London so far this year to more than £2.4bn in just two deals.

The Walkie Talkie is home to DWF’s London office after taking 40,000 sq ft of office space in 2014 after moving from 85 King William Street. US firm Vinson & Elkins has its London office inside the Walkie Talkie after moving there in 2015.