Deals roundup: Shepherd and Wedderburn advise on £585m gas pipeline deal and DWF on £6.6m Glasgow real estate purchase
Shepherd and Wedderburn has advised on the Scottish real estate aspects of a North Sea oil and gas infrastructure assets company’s £585 million acquisition of interest in a natural gas pipeline while DWF advised a real estate investment incubator on a £6.6m acquisition of an office block in Glasgow.
Shepherd and Wedderburn acted alongside lead adviser, Freshfields Bruckhaus Deringer in advising North Sea Midstream Partners – an affiliate of ArcLight Capital Partners LLC – on the Scots law real estate and consenting aspects of its acquisition of Total’s 100 per cent operated interest in the Frigg natural gas pipeline and the St Fergus Gas Terminal and Total’s 67 per cent operated interest in the SIRGES gas pipeline for £585m.
The acquisition is subject to regulatory and other customary approvals.
The Shepherd and Wedderburn team was led by real estate partners, Colin Robertson and Scott Ritchie.
Mr Robertson said: “We are delighted to have worked alongside Freshfields Bruckhaus Deringer on what will undoubtedly be a very significant acquisition for North Sea Midstream Partners.”
DWF meanwhile advised Squarestone Growth LLP on a £6.6m investment acquisition of a prime office block at 133 Finnieston Street, Glasgow.
The DWF team, led by partner Iain McLean with support from Paul Mason and Robin Watt in the real estate team and Grant Docherty and Alan Glen on banking, advised Squarestone on the latest and previous deals this year.
The deal follows a series of eight property acquisitions - totalling almost £19m worth of investment into a growing Scottish portfolio for the fund, backed by private investors and funded by The Royal Bank of Scotland’s real estate finance team in Scotland.
Robert Sloss, co-founder of Squarestone, said: “We are delighted to have purchased a high quality building in this recovering office market and we are confident that it will perform well.
“This asset is part of a wider strategy to grow a UK regional focused portfolio to in excess of £100 million.”
Iain McLean, real estate partner at DWF, said: “Squarestone Growth has an ambitious investment strategy, and we are pleased to support its commercial aims to grow its Scottish portfolio.
“Each transaction brings new international investment into the Scotland, taking advantage of the opportunities which currently exist.
“The client’s ability to deliver has been first class and we look forward to supporting Squarestone with future Scottish and wider UK investments.”
Ewen White, director at Lambert Smith Hampton, also advised Squarestone on the deal.