​Ashurst advises Westfield on joint venture with Commerz Real Investmentgesellschaft

Ashurst advised Westfield on its 50/50 joint venture with Commerz Real Investmentgesellschaft (CRI), the German open-ended fund, in connection with the extension to the Westfield London shopping centre which, on completion, will be the largest mall in Europe.

The joint venture with CRI will extend the market leading retail scheme by over 500,000 square feet.

Hugh Lumby, global head of real estate, commented:

"It's been great to have been involved in this exciting and landmark transaction. I have been working on this development for over twenty years and it's wonderful to see it taking another giant step forward. This was a complicated transaction, with various moving parts, including separate arrangements with Transport for London and a prelet to John Lewis for a new department store. It has kept a lot of people busy over the last couple of years, with often at least eighteen Ashurst lawyers working on it.

Since opening in 2008, Westfield London has transformed London's retail landscape, rejuvenating the local area through the improvement and expansion of key transport hubs. The extension, will help to create more than just a shopping centre, but an urban town centre, in an area in need of revitalisation. London has continued as Europe's most attractive location for international retailers and the Westfield shopping centres have become established premier shopping destinations. On completion of the extension, Westfield London will be the largest mall in Europe, with a value of approximately £3.5 billion. The investment and the scale show the resilience of high end retail in the internet age. The joint venture between Westfield and CRI demonstrates the interest from overseas investors in the London retail market."

The Ashurst team was led by real estate partners Hugh Lumby, Henry Moss and Jamie Chapman. Partner Ben Patton advised on the construction aspects of the transaction.