A cross-departmental team at Penningtons Manches Cooper has advised Fidelity International’s fledgling European Real Estate Climate Impact Fund on the corporate purchase of the property 99 Queen Victoria Street, London, from WeWork.
Fidelity offers a wide range of investment solutions and retirement expertise to institutions, individuals, and their advisers around the world. This new asset will be the first to be added to the new European Real Estate Climate Impact Fund, and Fidelity is planning to fully refurbish the property in line with net zero carbon targets to create a fit-for-purpose landmark office building.
Corporate partner Emma Bryant led on the corporate side with assistance from Richard Wrigley. Associate director in the real estate team, James Mackay, led on the property side with assistance from senior associate Dipika Kachhala. The wider team included support from construction partner Peter Massey, corporate tax partner Stephen Goldstraw and banking senior associate Andy Rushfirth.
Of the transaction, James Mackay added: “We are delighted to have supported Fidelity’s European Real Estate Climate Impact Fund on this corporate purchase of its first property asset, and we look forward to the fund bringing this building to market in due course as a market leading energy efficient and sustainable office environment.”