Real estate funds


Our real estate funds practice is widely recognised as a market leader. Acting across the full spectrum of industrial, commercial and residential property, we advise both established and start-up managers on all aspects of fund structuring and marketing.

There is no "standard" real estate fund structure and we pride ourselves on the breadth of our expertise which spans listed and un-listed, on-shore and off-shore, and closed and open-ended structures.Increasingly, real estate funds are adopting a more sophisticated approach to management and performance fees and we frequently advise on the commercial and tax arrangements surrounding these fees.

Recent market events have created a challenging environment for both real estate fund managers and their investors. We have advised on fund re-structurings (including re-domiciliation), investor defaults and, in open-ended funds, on redemption provisions - the latter being particularly affected by volatile portfolio valuations.

In addition to advising managers, we regularly advise active institutional investors in connection with their investments in real estate funds. As a result, we have an in-depth understanding of fund terms and market trends. Our knowledge of the market means our advice - both to managers and investors - is proactive and commercial: we will not hesitate to tell our clients whether fund terms are in line with market practice.

As our regulatory practice is fully integrated with our investment funds practice, we regularly advise our fund manager clients on the full range of compliance issues that arise during the fundraising process as well as throughout the life, and on termination, of a fund. Conflicts of interests, transparency, conduct of secondary sales, corporate governance and the conduct of placement agents are all coming under increasing scrutiny, both by regulatory bodies and by investor associations. We are well-placed to guide our clients through these issues.


  • "Respected investment management group with a reputation for excellence acting for sponsors and investors."

    Chambers UK 2017

  • "In terms of investment funds, they are the best team I've ever worked with."

    Chambers UK 2016

  • "The firm has expanded its practice in recent years and commentators described the firm's 'prominent position' in the market."

    Who's Who Legal 2015

  • "Macfarlanes LLP has a 'strong overall funds practice that covers a wide range of structures', and is praised for its 'practical advice that is based on evolving market practices'."

    The UK Legal 500 2015

  • "'Very responsive, very good knowledge both breadth and depth-wise, and very good understanding of what we're trying to achieve and helping to facilitate that'."

    Chambers UK 2015

  • "Macfarlanes' preeminent practice yields several leading lawyers."

    Who's who Legal Private Funds 2015

  • "In an illustration of its strong reputation in UK real estate, Alex Amos advised Legal and General on the £750m close of its property fund."

    The UK Legal 500 2014

  • "The firm has considerable depth and breadth in its investment funds practice."

    Chambers UK 2013