Boutique Jersey law firm, Ward Yates, in conjunction with international law firm, Berwin Leighton Paisner (BLP), acted for UOL Group Limited (UOL), a substantial Singapore property company listed on the Singapore Exchange with total assets worth more than $10 billion in Asia and Australia, on its corporate acquisition of Heron Plaza for £97m.
The transaction represents UOL’s first foray into the London market and is the first time they have used a Jersey structure. The prime freehold site on Bishopsgate in the City of London has planning permission to be developed into an iconic 43-storey tower comprising residential units for sale, a 5 star luxury hotel and a retail component.
UOL successfully secured Heron Plaza against stiff competition from a number of high-profile bidders with the transaction being completed within 15 working days.
Mr Sien Seu Yeong, General Counsel/Company Secretary of UOL commented: “It has been a genuine pleasure and privilege for UOL to have worked with BLP and Ward Yates for our inaugural investment in London. We look forward to continuing to deepen our working relationship with both firms as we make progress on the development of this project”.
Deepa Deb, Partner of BLP, commented “Ward Yates really understand the London market and pressures of London deals. They are proactive, responsive and highly efficient providing. an excellent level of service on this transaction.”
Victoria Yates, Partner commented: “We are delighted to have worked alongside BLP in advising UOL on their first London transaction and their first ever investment using a Jersey structure. Having only started the firm on 1 August, it is particularly satisfying to be able to have demonstrated our credentials in this area and we are honoured that both UOL and BLP chose Ward Yates to provide Jersey legal advice in relation to this matter. We look forward to working with them both in coming months as the Heron Plaza project is developed”.