A cross-firm Addleshaw Goddard team has successfully completed Cheung Kei Group’s £270 million acquisition and financing of 5 Churchill Place in London’s Canary Wharf. JP Morgan will be the lead tenant at the property, which was purchased from Said Holdings.

The team showcased the AG spirit of innovation to get the deal done, including working with a Korean lender on the provision of mezzanine financing. A UK lender provided the senior debt.

A great effort from the AG team - Lee Sheldon, Holly Porter, Paul Salsbury, Andrew Whittaker, Sarah Wright, Nayomi Skinner, Iain Hindhaugh, Matthew Lucas, Charlotte Bruce, Paul Concannon and Chris Connors.

Lee Sheldon, Addleshaw Goddard’s co-sector head of Real Estate, says: “Those feeling bearish towards the UK as an investment destination are missing out on great opportunities, as recent deal closures for landmark assets show. Can anything diminish London’s global appeal? We do not expect activity to slow down, as the deal pipeline remains robust – with strong interest set to continue from Asia-based investors in particular.”

“Cheung Kei’s acquisition of 5 Churchill Place is indicative of the continuing attractiveness of the UK capital, and the fact that this deal attracted the innovative use of Korean mezzanine financing is also a sign of positivity among investors and dealmakers.”

“Geopolitical issues have led some to decry the downfall of financial services in the UK, but this acquisition, in the heart of London’s world renowned financial district, suggests that confidence remains, while Crossrail will only heighten values.”