Mishcon de Reya has advised Staycity Group on a landmark £230m-plus joint venture with Penta Real Estate to deliver a 350-room Wilde aparthotel in the heart of London’s Farringdon district. The firm brought together its corporate real estate and commercial real estate expertise to advise on the transaction, with commercial real estate advice encompassing the property aspects of both the acquisition and the development finance facility underpinning the scheme.
The 80:20 joint venture will redevelop Morley House, near Holborn Viaduct, into an 11-storey Wilde aparthotel, alongside commercial space and the refurbishment of the Grade II listed City Temple Church. The development will be Staycity Group’s seventh London site and largest transaction to date, with completion expected in 2029.
Matt Bowles, Commercial Real Estate Partner at Mishcon de Reya, said: “We are delighted to have supported Staycity Group on its largest transaction to date. This joint venture demonstrates the strength of our wider real estate practice, bringing together corporate and property expertise to deliver a transaction of this scale and complexity. Morley House is an exciting development in one of London’s best-connected locations and reflects Staycity Group’s continued ambition in the capital. We look forward to seeing the scheme progress.”
Barry Hickey, Managing Director, Real Estate Development at Staycity Group, said: “The Morley House scheme is our largest transaction to date and reinforces our position in the London real estate market, bringing together key partners and investment from leading global institutions.”
The multi-disciplinary Mishcon de Reya team was led by Commercial Real Estate Partners Matt Bowles and Adam Marks, with assistance from Chloe Chatton (Managing Associate, Commercial Real Estate), Emma Webb (Managing Associate, Corporate) and Meehir Patel (Associate, Corporate) with support from the Planning, Construction, Real Estate Litigation and Tax groups.