We congratulate Derwent and Lazari on their collaboration in these exciting and visionary transactions
Protopapas is advising Lazari on the real estate aspects of the transactions alongside PwC who are Lazari’s corporate, banking and tax advisors
The transactions, which together total a value circa £350 mil, include the acquisition by Derwent of two Lazari properties on Tottenham Court Road and Euston Road and a 50:50 joint venture between Lazari and Derwent, involving three properties from the Lazari Baker Street estate. Through the JV, Lazari and Derwent hope to re-gear the Lazari Baker Street headleases, acquire an adjoining property from the freeholder, the Portman Estate, and carry out an adventurous redevelopment of the resulting 1.0 acre island site
Nicholas Lazari, a director of Lazari said:
“My fellow directors and I are delighted by this new and exciting collaboration with Derwent. The Baker Street estate has been in the Lazari portfolio since the 1990s and although we were hesitant to let it out of our fold, we believe that our 50:50 partnership with long term business associates, Derwent, will optimise the redevelopment of the 1.0 acre island site, of which our properties form part, into a magnificent state of the art mixed use building, in the heart of London’s West End. Our thanks to our Lazari in house team and our tax and legal advisers, PwC and Protopapas, who worked tirelessly on this transaction and also to Derwent, our new joint venture partners, with whom we look forward to be working in the next weeks, months and years”
Zoë Protopapas, Real Estate, Senior Partner at Protopapas LLP said:
“We are delighted to act for the Lazari Group in these enterprising transactions and share in their excitement for the future of their collaboration with Derwent London. Huge thanks to my team, who worked enthusiastically under challenging time constrains, once again demonstrating our ability to transact at top level, delivering on time, every time. My thanks also to the PwC team, for their consideration, assistance and courtesy throughout this transaction and, of course, to the Lazari family for their continued support over the last 30 years!”
The Protopapas team members who were involved in these transaction:
Zoë Protopapas – Real Estate, Senior Partner
Elena Stavrinou – Partner
Maria Pachomiou – Senior Associate