Arax Properties, an independent real estate operating partner with assets in the UK, France and Germany made the investment alongside JV partner Eurazeo Patrimoine, the real estate division of the listed Eurazeo group.
The well-connected Johnson Estate comprises a campus office complex of four adjacent buildings in Farringdon amounting to circa 194,000 sq ft with strong rental reversion potential and is expected to be attractive to tenants in the fast-growing TMT sector.
The Ashurst team was led by tax and structuring partner Tim Gummer, real estate partner Jamie Chapman and real estate finance partner Jessica Jenner alongside a multi-disciplinary Ashurst team. The broader Ashurst team included counsel Sarah Jordan, senior associate Catriona Murray, associates Lucy Picton-Turbervill and Dan Sargeant and trainee Rebecca Fenton (real estate), senior associates Kirsty MacKay, Sarah Winter and Stuart Blacklock and legal executive Daniel Edwards (finance), partner Matthew Bool, senior associate Chris Whitehouse and trainee Helen Golding (construction), and partner Claire Dutch and associate Olivia Barton (planning). Employment partner Ruth Buchanan and associate Hamish Mishra also advised, alongside corporate partner Nick Cheshire and associate Harry McConnell and tax partner Simon Swann and associate Laura Burt.
Financing was arranged by Apollo Global advised by Allen & Overy. Derwent London were advised by Charles Russell Speechlys.
Tim Gummer said:
"I am delighted Ashurst have been able to assist Arax Properties and Eurazeo Patrimoine in connection with this rare opportunity to acquire a campus of four office buildings in Farringdon. The collaboration and hard-work of all parties involved including a multi-disciplinary Ashurst team were key to enabling this transaction to be negotiated and agreed within a compressed timeframe. We wish Arax Properties and Eurazeo every success in the future with the Johnson Estate."
Giles Morse, partner of Arax Properties, said:
“The Johnson Estate offers the joint venture the ability to capture the momentum of a burgeoning submarket with improving infrastructure whilst having excellent downside protection. We look forward to another successful partnership with Eurazeo and extend our thanks to Ashurst.”
