Macfarlanes and Clifford Chance steer £340m 'Can of Ham' sale

Macfarlanes and Clifford Chance have landed key roles on one of the City’s biggest office deals of the year, advising on the sale of 70 St Mary Axe - better known as the Can of Ham - in a transaction seen as another sign of life returning to London’s commercial property market.

London-based private capital firm Hayfin, working with asset manager Capreon, has bought the 21-storey building from a Nuveen-led consortium. The price wasn’t disclosed, though reports put the deal at around £340 million - comfortably above the level Nuveen sought when it first tried to offload the asset more than a year ago, according to Bloomberg.

The sale comes as London office volumes begin to climb again after a run of subdued years triggered by post-pandemic interest rate rises, with investors circling high-quality, fully-let buildings.

The Can of Ham is home to tenants including US firm Sidley Austin, which took space in the upper floors as an early anchor tenant in 2018. The building earned its nickname from its distinctive curved profile.

Advising

Macfarlanes advised Hayfin, with its private capital real estate team leading on all aspects of the transaction, including the acquisition, joint venture, financing and tax structuring.

The deal team was led by private capital real estate partners Andrew Hughes, Laura Bretherton and Sarah Shucksmith. Hughes said the firm was "delighted to support the Hayfin team" on adding "an iconic asset" to its portfolio.

Clifford Chance acted for Nuveen, continuing a decade-long run advising the investor on the building’s acquisition, development and leasing.

The firm’s team was led by corporate real estate partner Ian Painter, who said the sale showed that "best in class, well-located assets continue to be in demand" as confidence returns to the market.