Wragge & Co LLP Real Estate Group is advising Development Securities PLC on its acquisition of a 1.5 acre site in Hammersmith town centre from London Underground Limited. The acquisition is subject to certain conditions including planning. An application has been submitted for a landmark 360,000 sq ft office-led, mixed-use scheme that will have an estimated end value of around £250 million.

The acquisition is being undertaken through a Jersey property unit trust (JPUT). Funding partners are the Royal London Mutual Assurance Society Limited and The National Bank of Dubai which is taking the majority stake through investment vehicle NBD Hammersmith Trust. Development Securities will have an initial 39 per cent stake.

Wragge & Co's cross firm team led by partner Robert Caddick advised on all aspects of the transaction. Robert and partner Lee Nuttall worked with Development Securities on structuring the investment vehicle, which enabled Development Securities to bring equity investors on board at a much earlier stage of the development process. They were assisted by banking and finance director Chris Gayle and corporate associate Emma Payne.

Nabarro advised The Royal London Mutual Assurance Society Limited on corporate matters, Wragge & Co real estate partner Peter Thorne and associate Angela Perry advised on property aspects. Bedell in Jersey and Maples Teesdale advised The National Bank of Dubai and NBD Hammersmith Trust.

Julian Barwick, executive director at Development Securities said: "We believe the timing is appropriate for a speculative and landmark office development in the heart of Hammersmith. Robert and the Wragge & Co team worked closely with our in-house team to complete the complex transaction smoothly and quickly."

Robert Caddick said: "It has been great to be involved in this project from the outset, working with Development Securities to devise the right structure and secure the opportunity. We look forward to acting for Development Securities and its partners on the development of this important London site."

Development Securities is one of the UK's leading property development and investment companies. Wragge & Co has advised the company on real estate matters for around five years. The firm also acts for Curzon Park Limited, a joint venture between Development Securities and Grainger trust PLC. Curzon Park Limited acquired the 10 acre Curzon Park site in Birmingham, where a mixed commercial and residential development of more than one million sq ft is planned.

Wragge & Co's Real Estate Group is one of the largest full service real estate teams in the UK. It advises major private and public organisations on matters ranging from asset management to environment; planning to tax; and litigation to regeneration. Clients include Argent Estates, Arsenal Football Club, Development Securities, Hines, Marks & Spencer and ProLogis Developments.

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For further information about this press release, contact Kathryn Hobbs on +44 (0)121 213 2397, Alexa Highfield on +44 (0)121 213 2396 or Michelle Dolphin on +44 (0)121 213 2369

This press release may contain information of general interest about current legal issues, but does not give legal advice.