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DWF advises on landmark City real estate deal

28 August 2018
Real Estate Sector
DWF, working alongside LaSalle Investment Management, has advised South Korea's National Pension Service, one of the largest funds in the world, in relation to the £1.2bn sale and leaseback of Goldman Sachs' new European headquarters. Linklaters advised Goldman Sachs. 

The deal will see Goldman Sachs commit to a 25 year lease of the 826,000 square foot site in Plumtree Court, EC4. Goldman Sachs are set to move into the building in summer 2019.

The landmark transaction is the single largest UK real estate deal this year, and the second-largest ever, after the sale of the 'Walkie Talkie' building for £1.28bn. The deal reflects the continued strong demand amongst overseas investors for prime, and in this case ultra-prime, London real estate.

DWF real estate and corporate partners Stephen Sumpton and Jay Birch led the DWF team, alongside Head of Commercial Tax John Toon.

Stephen Sumpton said: "DWF are delighted to have worked as lead counsel and alongside LaSalle Investment Management for mutual client The National Pension Service of the Republic of Korea, in relation to this landmark project, which is likely to be one of the most significant real estate deals of the decade. The scale of the investment, both by NPS and Goldman Sachs, underlines the continued confidence of major international investors in prime UK real estate, the City and the UK economy generally. Plumtree Court is a superb development, and this project is an example of our Corporate Real Estate team delivering an excellent result for our client".

DWF's 200-strong real estate team is one of the largest teams in Europe and provides international and domestic investors first class strategic and transactional support throughout the region.

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