Herbert Smith Freehills advises Shaftesbury Capital PLC on long-term partnership with Norges Bank Investment Management for Covent Garden estate

Leading international law firm Herbert Smith Freehills has advised Shaftesbury Capital PLC (Shaftesbury Capital) on the establishment of a strategic, long-term partnership with Norges Bank Investment Management (NBIM) for its Covent Garden estate.

The deal involves Shaftesbury Capital selling a 25 per cent non-controlling interest in the Covent Garden estate to NBIM for c.£570 million, with Shaftesbury Capital retaining 75 per cent ownership and management of the estate.

The transaction values the Covent Garden estate at £2.7 billion and will position the Covent Garden business for enhanced investment and expansion opportunities, making it one of the most significant real estate deals of the year.

The Herbert Smith Freehills team was led by Corporate partner Alex Kay, who also led the team advising Capital & Counties Properties PLC on its combination with Shaftesbury PLC to form Shaftesbury Capital.

The wider team included partner Sarah Ries-Coward and senior associates Emily Naylor and Jennifer Xue (Corporate), partner Julian Pollock and senior associate Adam Hooton (Real Estate), global head of Tax William Arrenberg and senior associate David Alexander (Tax), and global co-head of Finance Kristen Roberts and partners Gabrielle Wong and Simon Chadney (Finance).

Partner Alex Kay commented, "It's been a pleasure to support Shaftesbury Capital PLC on this major transaction, following our work on the combination of Capital & Counties Properties PLC and Shaftesbury PLC to form Shaftesbury Capital."

"This is a landmark transaction in the literal and metaphorical sense. It positions the business for enhanced investment and expansion opportunities, adding to its growth prospects. It is testament to our leading position in the listed real estate sector and on the most significant real estate deals. The large cross practice team worked brilliantly to deliver an excellent outcome for the client."