International law firm Trowers & Hamlins acted as UK counsel for Lee Law Firm HK on behalf of Flow Capital on the £108m purchase of Vauxhall Square in Nine Elms, London from R&F Properties.
Hong Kong-based Flow Capital is an affiliate of Astera Capital Partners, an asset management firm founded by New World Development CEO Adrian Cheng.
Located just south of the River Thames in the former industrial area of Nine Elms, Vauxhall Square has planning consent for development of 133,000 square metres (over 1.4 million square feet) of gross floor area comprising residential, hotel, office, retail and leisure use.
Flow Capital has provided a bridging loan facility covering up to £109M to finance the reacquisition of Vauxhall Square from Far East Consortium, the previous owners of the site. Once the deal has been completed, the fund manager will acquire the project from R&F at the pre-agreed value.
The Trowers team advised on all aspects of the deal, including the tax and structuring, requisite loan documentation and real estate due diligence, as well as negotiating and agreeing the corporate SPA and associated documents.
Partner Tom Calnan led on the deal with support from Sam Folley and Carina Johnston in the Real Estate team, with Victoria Smithers and Nick Harrisingh in our Corporate team leading on the SPA and corporate elements. The team was also given further assistance by our Banking and Finance team (Helen Fysh and Eddie O'Hanrahan leading) Tim Brown in Planning, and Nathan Williams and Andrew Sneddon in Tax.
Tom commented:
"We are very pleased to have been able to work with Lee Law firm again on another impressive mandate. We're delighted to have helped Flow Capital on the successful acquisition of Vauxhall Square in what is an impressive addition to its wide-ranging and expanding portfolio."
