Howard Kennedy advises on £42m acquisition

London-based law firm Howard Kennedy has successfully advised HUB and H.I.G. Capital on the £42 million acquisition of the final 1.2-acre plot within Lendlease’s £1.5 billion Elephant Park development. The acquisition marks a significant step in the regeneration of Elephant and Castle, a transformative project for central London.

Elephant Park’s ambitious masterplan has already delivered 3,000 homes, retail and leisure spaces, and a two-acre park—the largest green space introduced to central London in seven decades. The development has prioritised sustainability, including energy-efficient homes, a low-carbon energy hub, and Passivhaus-certified new builds.

Howard Kennedy’s work on the transaction involved negotiating development leases, estate service charge arrangements, and licences for storage, a meadow garden, and a food market. The firm also facilitated a complex collaboration agreement essential to the project’s completion.

This deal strengthens Howard Kennedy’s relationship with HUB and H.I.G. Capital, following a second acquisition this year with a purchase price exceeding £30 million and a GDV above £300 million. The firm provided wide-ranging advice across its Development, Planning, Corporate, Tax, and Construction teams, covering areas such as TOGC arrangements, rights of light releases, joint venture agreements, and development management.

Aleem Khan, Senior Associate at Howard Kennedy, commented: "This transaction exemplifies our ability to handle intricate, high-value deals, working seamlessly across teams to achieve our clients’ goals. We are delighted to support HUB and H.I.G. Capital in bringing their ambitious and sustainable vision for Elephant Park to life."

Robert Sloss, Chief Executive at HUB, expressed his enthusiasm for the project: "We are delighted to have secured this site and thank Howard Kennedy for their support. This acquisition enables us to contribute to the regeneration success at Elephant Park and aligns with our strategy of delivering exceptional urban living spaces."

The Howard Kennedy team included Aleem Khan, Emily Beauchamp, Dani Bowen, Netanya Cramer, Simon Butterworth, Michael Weissman, Jade Chalmers, Stephanie Brigg, Shattik Shaheen, and Jamie Mattocks, showcasing the firm’s robust expertise in handling complex, multi-faceted property deals.