The Crown Estate has invited tenders from top City law firms during a review of its legal panel.
SJ Berwin, Dechert, Berwin Leighton Paisner, RadcliffesLeBrasseur and Burges Salmon, which have handled the Crown Estate’s urban portfolio since the last review in 2002, will be among those looking to secure a position on the new panel.
The urban estate comprises 600 commercial properties in London and elsewhere, together with significant residential holdings, and represents around 80% of the Crown Estate’s £4.5bn portfolio by value.
A Crown Estate spokesperson said that it was not necessarily looking to condense its external legal roster in the review process, but was simply carrying out a standard three-year re-evaluation of its advisers. “It is time for us to look at our legal agents on the commercial and residential side,” he said.
In recent months, SJ Berwin and Dechert have handled the Crown Estate’s £500m Regent Street redevelopment, BLP and RadcliffesLeBrasseur have advised on its London portfolio, while Burges Salmon has covered property work outside London.
Jon Vivian, a real estate partner at SJ Berwin, said: “The Crown Estate has always tendered its legal work in a three-year cycle. This is now a re-tendering of the work.
“We are very keen to be as fully involved as we can.”
References: EGi Legal News 28/04/05
