Corporate real estate

1 Property investment The UK property market, particularly the office segment, is proving to be very resilient in the face of Brexit and global economic uncertainty. Schroders We advised Schroders and three of its funds on the £160 million acquisition and joint venture arrangements relating to the City Tower in Manchester. The deal involved 130 leases and simultaneous exchange and completion within 9 days. LaSalle Investment Management We acted for LaSalle Investment Management and Alaska’s sovereign wealth fund on the £275 million purchase of the Intu Bromley shopping Centre. Tristan Capital We advised Tristian Capital on the £60 million acquisition of the Luxembourg incorporated company which holds ‘The Cube’, a 215,000 sq ft mixed-use development in Birmingham. Sterling Property Ventures We advised Sterling Property Ventures on the sale of Great Charles Street, the proposed £150 million development opportunity in the centre of Birmingham, including 450 apartments, to Moda Living. Tristan Capital Weadvisedon the£50millionacquisitionof thecorporateentity whichholdsFortDunlop, amajormixed-useproperty inBirmingham. LJ Capital Limited We advised on the acquisition of, and shareholder arrangements in relation to, an interest in a real estate project in Barcelona. Corporate real estate Features of our corporate real estate practice: • Combines sophisticated corporate transactional expertise with real estate specialists. • In 2017 handled real estate investment deals of between £1.5 billion and £2 billion. • Typical deal size for investmentswas £50million to £250million. • Investors and sellers are predominantly REITS, PE funds, sovereign wealth, private and local authority pension funds and investment funds. • International investors fromAsia and North America are active in the UK. • Deals frequently involve off-shore (non-UK) corporate SPVs and unit trust structures, including Luxembourg, Jersey, Guernsey and Isle of Man. • Warranty and Indemnity insurance is now commonplace and the seller’s liability can be capped at £1.