Qatar National Bank - £1.15 billion financing of The Shard of Glass and London Bridge Place

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Slaughter and May acted for Qatar National Bank (S.A.Q.) in the £1.15 billion financing of two landmark developments, known as The Shard of Glass and London Bridge Place (formerly known as New London Bridge House). The borrower is LBQ Limited, an entity which is majority owned by the State of Qatar.

When completed in May 2012, The Shard will be the tallest building in the United Kingdom and one of the tallest buildings in Europe - the glass spire reaches 1,004 feet. Covering 1,191,720 sq ft of floor space, The Shard will integrate offices (existing pre-let of 190,000 sq ft to Transport for London), restaurants, apartments, the European flagship of the luxury 5 star Shangri-La Hotels (existing pre-let of 200,000 sq ft), a spa and public spaces.

Nearby London Bridge Place, also due for completion in 2012, will be a 17-storey corporate headquarters delivering 600,000 sq ft of office space together with public space at ground level.

The development also involves the transformation of the transport facilities at London Bridge Station with the development of a new glass and steel station at the foot of The Shard. In addition to a new concourse for London Bridge Station, the works will include a larger bus station to be constructed to the north of London Bridge Place with 15 bus routes, as well as riverboat and taxi stands.

Financing: Peter Jolliffe (partner), Nicola Costello (associate); Commercial Real Estate: John Nevin (partner), David Seymour (associate), Dan Marriott (associate), Sarah Tolley (associate)