Wereldhave

09 Feb 1999

THE WERELDHAVE GROUP CONTINUES ITS INVESTMENT IN UK

THE WERELDHAVE GROUP CONTINUES ITS INVESTMENT IN UK

Simmons & Simmons Property Department advises on Wereldhave's second large regional office deal in less than 12 months

Dutch property investor Wereldhave recently acquired Conoco's UK headquarters, Warwick Technology Park in a sale and leaseback deal. Conoco has taken a 17-year lease on the 234,860 sq ft campus-style development, the largest on the Park. Earlier last year the Group bought the Barclays Bank Centre on Northampton Business Park. Total consideration for the two acquisitions exceeded £50 million and on each occasion Wereldhave were advised by Simmons & Simmons.

Both acquisitions follow Wereldhave's disposal of its Carnaby Estate holding in London's West End to Shaftesbury plc for £90 million in early 1997. Simmons & Simmons also acted for Wereldhave in the Carnaby Estate sale.

The Simmons & Simmons Property teams on each of the Conoco, Northampton and Carnaby deals were led by Property lawyers Bill Noad (partner) and John Rakowicz.

ENDS Notes for editors:

1. Simmons & Simmons is worldclass law firm with offices in London, Paris, Brussels, Düsseldorf, Lisbon, Milan, Rome, Madrid, Abu Dhabi, Hong Kong, Shanghai and New York with over 1,400 staff worldwide. For further information on Simmons & Simmons please visit our website at www.simmons-simmons.com.

2. The Property Department comprises 16 partners and 37 other lawyers, trainee solicitors and paralegals. As well as supporting the corporate areas of the firm, it has own pure property and planning practice. Areas of expertise include property development, landlord and tenant work, commercial conveyancing, town and country planning and property finance. Property litigation is carried out by a dedicated team within the Litigation Department, headed by Carol Hewson. Support where appropriate is obtained from members of the Tax Department and Environmental Law Department.