International law firm Faegre & Benson LLP recently advised Bank of China Limited in a £100 million property acquisition of the prestigious One Lothbury development, adjacent to the Bank of England building in the centre of London's financial district.
Faegre & Benson bested competitors on the brief and was pleased to win Bank of China as a new client for this engagement. John Duffy, assisted by Sherry Sheibani and Neal Bhattacharyya, advised Bank of China on the lease purchase and associated documentation. Taylor Wessing advised the Roche family.
Paul Finlan, corporate partner in the Faegre & Benson London office, says the Bank of China is becoming a major force in the international banking arena as it increases its profile outside of Asia. "We very much look forward to working with the Bank of China and serving more Chinese companies through our Shanghai office and locations in the U.S and Europe," says Finlan.
The new development consists of 114,000 square feet of space in one of the most sought-after locations in the Square Mile. The acquisition of the 150-year lease by the Bank of China from the Roche family is one of the biggest commercial property deals this year as the bank expands its footprint in the UK and Europe. The freehold of the property is owned by the Bank of England.
Finlan says he was pleased to launch the Bank of China relationship by advising on one of the biggest and most prestigious commercial property transactions since the recession hit. "The success of this deal demonstrates our ability to advise clients on the international stage. We aim to win more of these large clients and transactions in the future," he says.
Bank of China is the world's fourth largest bank and one of China's four state-owned commercial banks. Its businesses cover commercial banking, investment banking and insurances. Members of the group include BOC Hong Kong, BOC International and BOCG Insurance. The bank provides a comprehensive range of high-quality financial services to individual and corporate customers as well as financial institutions worldwide.
CBRE acted as property agents to Bank of China; Cushman & Wakefield for the Roche family; and Drivers Jonas for the Bank of England.