Clifford Chance

Clifford Chance advises Canary Wharf Group plc on its acquisition of Wood Wharf Partnership

Clifford Chance has advised long-standing client Canary Wharf Group on its acquired ownership of the Wood Wharf Limited Partnership and associated companies and an overriding 250 year lease for the 16.8 acre Wood Wharf site adjacent to the Canary Wharf estate. The site will be developed as a new mixed-use scheme.

Canary Wharf Group obtained full ownership of the Wood Wharf Partnership by acquiring the 50 per cent stake in the site owned by British Waterways for £52.4 million, and the 25 per cent stake owned by Ballymore for £38 million.

Once completed the Wood Wharf site will include five commercial buildings providing approximately 3.1m sq ft net of office space, six residential buildings providing over 1,600 new homes, a waterside hotel and a new High Street including shops, restaurants, bars and cafés. Outline consent for the scheme was granted in May 2009.

This is the third major deal Clifford Chance has closed for long-standing client Canary Wharf Group in the last 18 months. The firm also advised on the sale of 25 Bank Street (the former Lehman Brothers building) to J.P. Morgan for £495 million and more recently, the pre-let of half of 25 Churchill Place, a new 500,000sq ft building to be constructed on the estate to the European Medicines Agency (EMA) on a 25 year lease. Clifford Chance is also advising on EMA's fit out of its floors in the building.

Lead Clifford Chance Partner and Head of London Real Estate, Jonathan Solomon, comments:

"This was a complicated and intensive transaction where the stakes were high for all concerned and it required a major team effort at Clifford Chance. We were very pleased to be working with the Canary Wharf Group on a deal that will pave the way for a major extension to the Canary Wharf development."

George Iacobescu CBE, Chairman and Chief Executive of Canary Wharf Group said:

“Wood Wharf’s development will mark an important evolution in the development of the Canary Wharf business, retail and residential district. This mixed use development will set new, world-class standards for design, sustainability and community integration."

The Clifford Chance legal team advising Canary Wharf Group was led by London Real Estate Partner Jonathan Solomon, assisted by Sarah Thomas and Senior Associates Justin Turner, Simon Gilbert, Geraldine Pigot, Gemma Ebsworth and Sarah McGinley, Associate Karishma Pattni and Trainee Solicitors Julia House and Thea Bachmayer. Tax Partner, Sarah Squires, advised on the real estate tax aspects of the transaction, assisted by Senior Associate William Reay-Jones.