Mishcon de Reya advises Londonewcastle on landmark portfolio sales

Mishcon de Reya has advised developer Londonewcastle on the sale of a portfolio of residential-led mixed use property assets with a development value of £250 million.

The portfolio was acquired by UK and European Investments (UKEI), which is the investment vehicle of the Lewis Trust Group, whose interests range from the River Island retail chain to banking, private equity and hotels.

In a separate deal, the Firm has also advised Londonewcastle on its involvement in UKEI’s acquisition of two further development properties, including Londonewcastle’s high profile £100 million residential development block on the Huntingdon Estate in Shoreditch, east London.

Londonewcastle and UKEI have entered into a joint venture agreement for the development of the portfolio assets at residential development sites across London. The five sites in the first portfolio acquisition comprise: two in Canary Wharf including the Dollar Bay site earmarked for a 121-apartment residential tower; Chiswick; Wembley; and the Goldhawk Road industrial estate in Shepherd’s Bush, where Londonewcastle won planning permission for 100,000 sq ft of residential development.

Real estate partner Ian Paul oversaw the Mishcon team advising Londonewcastle on the property aspects of both transactions. Real estate associate Simon Hart played a leading role with help from assistants Louise Tainton, Mark Levine and Nick Kirby (all real estate). On the second transaction, corporate partner Ross Bryson and assistant Laurence Jacobson also advised on the corporate aspects.

David Barnett, CEO of Londonewcastle, said: “There is complete alignment with UKEI – they wanted exposure to Central London residential and we’ve got a partner who is ambitious and not reliant on bank finance. Importantly, this transaction was completed on a very short timescale for a deal such as this which is a great credit to the teams both at Londonewcastle and our professional advisers”.