Press release from Carey Olsen on Tuesday 15 February, 2022.
A cross-jurisdictional Carey Olsen team has advised Singaporean multi-asset investment firm Sun Venture on the purchase of 120 Moorgate from WeWork Capital Advisors for £148 million.
The acquisition, which was completed through Sun Venture's second Jersey Private Fund (JPF), structured as a Jersey Limited Partnership, is the company's third purchase in London following 1 New Oxford Street and 1 & 2 New Ludgate in 2020.
120 Moorgate is a 112,875 sq ft Grade A office development in the heart of the City of London. The newly redeveloped freehold property also incorporates retail and leisure space and is set to benefit from the opening of The Elizabeth Line at Moorgate station later this year.
The Carey Olsen team advising Sun Venture was led by Jersey partners Chris Griffin and Robin Smith, assisted by Jersey counsel Fiona Dalton and Singapore-based senior associate Susan McKinstray and associate Eng How Cheow. Together, the Jersey and Singapore teams advised on the launch of the JPF, which was used to facilitate the purchase, and all Jersey legal and regulatory aspects of the acquisition.
Robin said: "We are delighted to have assisted Sun Venture on its third London real estate acquisition, which once again underlines the ongoing attractiveness of London's commercial real estate market to global investors. From a Carey Olsen perspective it is also a perfect example of our ability to provide on-the-ground Jersey legal advice to clients from Singapore and Asia-Pacific more generally in their own time-zone while working on high-value UK-related transactions such as this."