Compass Advises on Major Cross-border Joint Venture Between Sydney & London and Related Companies
LONDON and NEW YORK March 11, 2014 – Sydney & London Properties of London and Related Companies of New York today announced the Euston Regeneration Partnership, a joint venture to redevelop London’s Euston Station. The partnership brings together the largest private owner of commercial real estate properties in the Euston area and a leading global developer of large scale mixed-use projects. With over 6 million square feet and more than $5 billion by value, the project is the largest prospective mixed-use development in London and one of the largest in Europe.
Sydney & London owns the Euston Estate, which comprises four prominent buildings at the front of Euston Station: Grant Thornton House, One Euston Square, One Eversholt Street and the Podium. These properties total more than 300,000 square feet and their location makes strategic importance for the future re-development of the station.
Related Companies is the American property group that developed Time Warner Center in New York and is currently undertaking the $20 billion, 17 million square foot mixed-use Hudson Yard project in Manhattan. The Euston partnership is Related’s first project in the UK.
Compass Partners served as exclusive financial advisor to Sydney & London, advising the company through all phases of the transaction, including: identifying a global joint venture partner, transaction analysis and structuring and finalizing key transaction terms. Mr. Richard Anning, CEO of Sydney & London, said: “Compass identified Related as our partner and assisted in negotiating, assessing risk and rewards and advising on potential alternative outcomes in connection with our joint venture for London’s largest prospective real estate project.”
Other links related to the transaction:
- Podcast announcing the transaction
- Description of the Euston Regeneration Partnership project
- Compass case study regarding the transaction
Press related to the transaction: