Norton Rose Fulbright advises Welput on UK’s largest all-electric net-zero office development in Victoria
United Kingdom | Press release - Business | March 2022
Global law firm Norton Rose Fulbright has advised BentallGreenOak, manager of West End of London Property Unit Trust (Welput) property fund and 105VS Unit Trust (105VSUT), in connection with the £1bn development of the UK’s largest all-electric net-zero carbon office scheme at 105 Victoria Street in central London.
The firm advised Welput and 105VSUT on the equity co-investment by three institutional investors and a £400 million debt finance facility to fund the development. The new 470,000 sq. ft. development will be the largest speculative office scheme to come forward since the pandemic and is aligned with Welput’s sustainable investment strategy. The development is scheduled to commence later this year, with construction to be managed by Swedish building company, Skanska.
David Sinclair, London-based real estate partner, commented:
“With the world’s attention focused on the movement towards net-zero, this building will hopefully set a precedent as a state of the art building for future developments. BentallGreenOak has committed to the development’s energy being supplied from fully renewable sources, with no gas supply and no diesel generator on site, ensuring zero fossil fuels both in operation and during construction.”
Mark Lloyd Williams, London-based corporate partner, also commented:
“We were delighted to act for Welput on this joint venture with leading international investors, including PSP, in respect of the largest property in Welput’s portfolio, and the largest development project this year in the West End. This development also demonstrates international investors’ and financiers’ confidence in leading sustainable office developments in London.”
The London-based team was led on the co-investment aspects by senior associate Andrew Davies and partner Mark Lloyd Williams, supported by associates Eddie Coleman and Charlie Warren. Partner Dan Kennedy led on the financing aspects, with support from associate Colin Kwok. Partner Julia Lloyd and senior associate Kyle Rainsford provided tax advice, and partner Ian Giles and associate Matej Ovecka provided antitrust advice. Further transactional support was provided by BentallGreenOak relationship partner, David Sinclair, and regulatory counsel, Iona Wright.
Welput has been a key real estate and corporate client since its formation in 2001. Norton Rose Fulbright has advised on a number of its redevelopments and acquisitions, including Regents Wharf, 20 St. James’s Street and Warner House, the London headquarters of entertainment group Warner Bros in Holborn.
The firm advised Welput and 105VSUT on the equity co-investment by three institutional investors and a £400 million debt finance facility to fund the development. The new 470,000 sq. ft. development will be the largest speculative office scheme to come forward since the pandemic and is aligned with Welput’s sustainable investment strategy. The development is scheduled to commence later this year, with construction to be managed by Swedish building company, Skanska.
David Sinclair, London-based real estate partner, commented:
“With the world’s attention focused on the movement towards net-zero, this building will hopefully set a precedent as a state of the art building for future developments. BentallGreenOak has committed to the development’s energy being supplied from fully renewable sources, with no gas supply and no diesel generator on site, ensuring zero fossil fuels both in operation and during construction.”
Mark Lloyd Williams, London-based corporate partner, also commented:
“We were delighted to act for Welput on this joint venture with leading international investors, including PSP, in respect of the largest property in Welput’s portfolio, and the largest development project this year in the West End. This development also demonstrates international investors’ and financiers’ confidence in leading sustainable office developments in London.”
The London-based team was led on the co-investment aspects by senior associate Andrew Davies and partner Mark Lloyd Williams, supported by associates Eddie Coleman and Charlie Warren. Partner Dan Kennedy led on the financing aspects, with support from associate Colin Kwok. Partner Julia Lloyd and senior associate Kyle Rainsford provided tax advice, and partner Ian Giles and associate Matej Ovecka provided antitrust advice. Further transactional support was provided by BentallGreenOak relationship partner, David Sinclair, and regulatory counsel, Iona Wright.
Welput has been a key real estate and corporate client since its formation in 2001. Norton Rose Fulbright has advised on a number of its redevelopments and acquisitions, including Regents Wharf, 20 St. James’s Street and Warner House, the London headquarters of entertainment group Warner Bros in Holborn.
For further information please contact:
Louise Nelson, Head of PR – Europe, Middle East and Asia
Tel: +44 20 7444 5086 Cell: +44 79 0968 4893
