25 November 2014
Carey Olsen advises on acquisition of national newspaper HQ
Carey Olsen has advised property company Kennedy Wilson Europe Real Estate plc (KWERE) on its acquisition of a corporate vehicle that owns the building which houses the Telegraph Media Group's London headquarters.
111 Buckingham Palace Road is a landmark Grade A 227,165 sq ft office building. It was acquired from Kish Holdings Limited - an entity managed and controlled by Green Property Ventures. It is located immediately over Victoria station and is occupied by tenants that, along with the Telegraph, include private equity group Advent International, TV and internet content group Scripps Network and serviced offices operator Regus.
KWERE is a closed-ended collective investment fund incorporated in Jersey that invests primarily in real estate and real estate loans in Europe.
Carey Olsen partner, James Mulholland, and associate, Stephanie Nisbet, advised on the Jersey aspects of the transaction. The firm acted alongside Goodwin Procter who provided the UK legal advice.
Carey Olsen’s involvement in the transaction follows recent advice to KWERE on its £1 billion London main market initial public offering (IPO) and approximately £350 million secondary equity issuance.
Mr Mulholland said: "We are proud to have had the opportunity to continue to support a client such as KWERE on its acquisition trail so soon after their successful secondary raise in the equities market. They are going from strength to strength."