Shearman & Sterling has advised UK property developer Stanhope on its joint acquisition, with private equity firm Benson Elliot Capital Management, of a majority interest in Reading's Station Hill development project. The Shearman & Sterling team of lawyers advised on, negotiated and documented the deal structure.

The five-acre site lies in the heart of Reading (about 40 miles west of London) and the redevelopment will be the centerpiece of the regeneration of the town center. The joint venture aims to bring forward a mixed-use scheme, including retail, office and residential buildings, as soon as possible.

Stanhope and Benson Elliott bought the majority equity stake in the property owning company from Sackville Developments (Reading) Limited owned by Sir John Madejski OBE DL, Chairman of Reading Football Club. Under the terms of the deal Sackville Developments will keep a minority stake and share in future profits.

The Shearman & Sterling team in the firm's London office was led by real estate partner Clare Breeze advising Stanhope. She was assisted by of counsel Lois Moore, and associates Lucy Graham, Richard Porter, Nick Mumby, Lucy Keeble and Richard Cameron. Partner Iain Scoon and associate James Leslie advised on tax aspects of the deal.