The £550m redevelopment of the Shell Centre is the biggest property deal that has ever been completed on London’s South Bank. The deal saw a set of five firms acting as council throughout and amongst them were top magic circle firms Freshfields and A&O as well as Taylor Wessing, Berwin Leighton Paisner (BLP) and Ashurst. The sale consists of one and two Southbank Place, which will amass to 572,616 sq ft of office space upon its completion in 2018. One Southbank place will be the new headquarters for Shell International and will manage its downstream business, that is the processing of raw materials and the actual sale of them to consumers. Shell International’s office space will comprise 272,938 sq ft for a let of 20 years while the remainder on the ground floor will be let as retail spaces. Two Southbank place is 297,678 sq ft of office and retail place which will be managed by property developer Almacantar.
Ashurst advised Almacantar on the deal, lead by estate finance partner Ruth Harris. Freshfields’ real estate partner Alex Watts also advised Almacantar on the deal. BLP counseled Braeburn Estates, which is a joint entity formed by Qatari Diar and the Canary Wharf Group. Taylor Wessing acted for Cain Hoy Finance, the owners of the Shell Centre with real estate partners Keith Barnett and Raman Sharma leading the team. A&O also advised one of the companies involved in the redevelopment.