Mishcon de Reya has advised L1 Property (the UK real estate investment arm of global investment manager, L1 Capital), on the acquisition of Hadrian's Tower, an iconic 27-storey residential building in the heart of Newcastle. This landmark transaction marks a significant addition to L1 Capital's growing UK residential portfolio, as L1 continues to expand its strategy for high-quality income generating assets in strong regional centres. L1 Capital has deployed over £300 million into the UK residential market to date.
Completed in 2020, Hadrian's Tower is Newcastle's tallest building and is a landmark asset spanning 27 storeys and including 159 luxury residential apartments together with a rooftop champagne bar and restaurant. The acquisition of the freehold interest includes 57 fully let apartments and the top-floor commercial champagne bar.
David Kanter, Managing Associate at Mishcon de Reya, commented: “Hadrian's Tower is a high-quality property in the vibrant city of Newcastle and it's exciting to have supported L1 Capital here. This acquisition is a further milestone in L1's continuing UK growth strategy and we are proud to have once again supported the client, with this acquisition coming hot on the heels of L1's acquisition of Equipoint, a significant 247-unit build-to-rent scheme in Birmingham, on which Mishcon de Reya also advised. It's pleasing to see the continued opportunities available in the UK residential market, particularly in strong regional centres like Newcastle."
David Lamm, CEO of L1 Property, stated: “Hadrian’s Tower is a great addition to our residential portfolio. Newcastle has attractive fundamentals, enabling us to capture reversion on both an asset and market level. I am proud of our team’s efforts and delighted to again partner with David, Daniel and the wider Mishcon team who were key in getting this complex deal successfully over the line."
The Mishcon de Reya Real Estate team was led by Daniel Lipman and David Kanter with assistance from Elle Duncan-Riche, Mackenzie Marston, Helena Du (Construction), Roisin Hogan (Planning), Ceinwen Hayes (Tax) and Michael Clarke (Litigation). Corporate advice was provided by Emma Webb with Raza Khan providing insolvency advice. Lewis Cohen and Oliver Millichap provided IP support together with Jeremy Hertzog and Elyssia White on trademark matters.
With over 140 fee earners including 46 partners, Mishcon de Reya's Real Estate department is one of London’s largest and most diverse property teams. Our Real Estate department comprises well-regarded specialist practice areas and provides a one stop shop for all of our clients' property requirements. The team provides a seamless service from investment, structuring, funding, acquisition and planning, through to construction, development, tax and litigation advice.