Key Takeaways
- • Clifford Chance advised Nuveen Real Estate on the sale of 70 St Mary Axe, the City of London office landmark known as the "Can of Ham," to Hayfin Capital Management and Capreon for a sum in excess of £300 million.
- • The building was developed by Nuveen, completed in 2019, and is fully let to 13 tenants, with Clifford Chance having advised across its acquisition, development and leasing over the past decade.
- • Clifford Chance describes the disposal as one of the UK's largest office investment deals of 2025, citing investor appetite for high-quality, well-leased City assets as new supply remains limited.
- • Clifford Chance's Ian Painter said the sale signals returning investor confidence in the London office market.
Summary
Clifford Chance has advised Nuveen Real Estate on the sale of 70 St Mary Axe, the City of London landmark colloquially known as the "Can of Ham," to Hayfin Capital Management and Capreon for a sum in excess of £300 million, according to a law firm announcement dated 10 December 2025. Other publisher reports cite a figure of around £335 million for the transaction.
The building is recognised for its prime location and sustainability credentials. Nuveen developed the 21-storey Grade-A office tower, which was completed in 2019 and is fully let to 13 tenants. Clifford Chance has supported Nuveen across the asset's acquisition, development and leasing over the last decade, including advising on all of the lettings at the building, among them a significant pre-let to Sidley Austin.
Ian Painter, Partner in Clifford Chance's Transactional Real Estate team, said the firm was delighted to support Nuveen on a disposal that the press has quoted as one of the UK's largest office investment deals of 2025. He described the transaction as evidence of investor confidence returning to the London office market and of continued demand for best-in-class, well-located assets. The disposal, per the announcement, underscores strong investor appetite for high-quality City assets as new supply remains limited.
The Clifford Chance team was led by Painter, supported by Senior Associates James Law and Melissa Jones, and colleagues in Real Estate Tax, Planning and Construction. The Nuveen team was led by Nick Deacon, Sophia Layton and Charlotte Haigh. Other publisher coverage notes that Cushman & Wakefield and Newmark acted on behalf of the parties in the transaction.
The building is recognised for its prime location and sustainability credentials. Nuveen developed the 21-storey Grade-A office tower, which was completed in 2019 and is fully let to 13 tenants. Clifford Chance has supported Nuveen across the asset's acquisition, development and leasing over the last decade, including advising on all of the lettings at the building, among them a significant pre-let to Sidley Austin.
Ian Painter, Partner in Clifford Chance's Transactional Real Estate team, said the firm was delighted to support Nuveen on a disposal that the press has quoted as one of the UK's largest office investment deals of 2025. He described the transaction as evidence of investor confidence returning to the London office market and of continued demand for best-in-class, well-located assets. The disposal, per the announcement, underscores strong investor appetite for high-quality City assets as new supply remains limited.
The Clifford Chance team was led by Painter, supported by Senior Associates James Law and Melissa Jones, and colleagues in Real Estate Tax, Planning and Construction. The Nuveen team was led by Nick Deacon, Sophia Layton and Charlotte Haigh. Other publisher coverage notes that Cushman & Wakefield and Newmark acted on behalf of the parties in the transaction.
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