International law firm Bird & Bird has advised the seller of Standbrook House, 2–5 Old Bond Street, on its sale to Aberdeen Investments, acting on behalf of the Standard Life Pooled Pension Property Fund.
Standbrook House is a mixed-use building comprising office, retail, and residential space, located on the corner of Bond Street and Piccadilly, one of the world’s most prestigious shopping destinations. It houses the ultra-luxury London flagship stores of watchmaker Richard Mille and footwear and handbag retailer Tod's.
The seller, Hong Kong property investor Lai Wing-To, also known as the ‘Ten Billion Shop King’, has built his fortune over the past three decades through retail property investments.
Commenting on the transaction, Peter Nicholson, partner at Bird & Bird, said: “We were pleased to support our client on this landmark transaction in one of London’s most prestigious retail locations. Completing a deal in the £100 million plus bracket within such a short timeframe is a testament to the collaborative effort of all parties involved.”
JLL and CBRE advised the seller on the commercial aspects. Herbert Smith Freehills Kramer LLP, Chapman Petrie and Hall Lahaise advised the buyer, Aberdeen. The outgoing lender, Bank of East Asia, was advised by CMS Cameron McKenna Nabarro Olswang.
The Bird & Bird team comprised Peter Nicholson (Partner, London), Patrick Jones (Senior Associate, London), Catriona Hodgson (Trainee Solicitor, London), Jess Burke (Trainee Solicitor, London), Sharon Tam (Senior Associate, Hong Kong), and Dexter Law (Legal Manager, Hong Kong).
