10 September 2020
Carey Olsen advises Singapore real estate investment company on first London property acquisition
Carey Olsen has advised Singaporean property developer and investor Sun Venture on the purchase of One New Oxford Street in London from Nuveen Real Estate, which was completed through a Jersey Property Unit Trust (JPUT).
The transaction, which completed on 4 September for an undisclosed sum, represents the first UK acquisition for Sun Venture.
One New Oxford Street is a 110,000 sq ft Grade A office and retail development located between Tottenham Court Road and Holborn tube stations. Current tenants are retailer H&M, which occupies six of the nine floors, with Amazon subsidiary Twitch, a global video and live streaming service provider, occupying the remaining three.
Working alongside onshore counsel CMS, the global Carey Olsen team advising Sun Venture was led by corporate partner Robin Smith, assisted by Jersey-based counsel Fiona Dalton and Singapore-based senior associate Susan McKinstray. From both its Singapore and Jersey offices, Carey Olsen advised on all Jersey legal and regulatory aspects of the purchase.
Robin Smith said: "We were delighted to advise Sun Venture on its first foray into the London property market which, once again, highlights the continuing popularity of utilising JPUT structures to hold interests in UK commercial real estate."
Anthony McKenzie, managing partner of Carey Olsen's Singapore office, added: "Our ability to provide on-the-ground Jersey legal advice from Singapore is a key differentiator, with this transaction in particular a perfect example of how, as a firm, we are able to assist clients across both Singapore and UK time-zone and offer real time advice and support to our clients based in Asia."
The firm provides advice in relation to the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey and Jersey from its Asia offices supported by 250 lawyers worldwide.
JPUTs (Jersey Property Unit Trusts)
To find out more about JPUTs, their benefits and their regulation in Jersey, please refer to our Guide to JPUTs or contact a member of the team.