Development and Investment

We advise on the development of and investment in high-profile and groundbreaking properties, helping shape the urban landscapes of our cities. Our expertise is distinguished not only by the complexity, quality and scale of the projects we act on, but by the commerciality and innovation our lawyers bring to every transaction.

The evolving commercial real estate landscape means that investors, developers, and in relation to operational assets, operators, need to be increasingly nimble. Accordingly, we advise on all legal issues involved with traditional and alternative real estate asset classes, across a variety of sectors, including: early stage fund and joint venture establishment and structuring; securing complicated investment or development sites; negotiating intricate funding arrangements such as: forward fundings, forward purchases and third party debt financings; satisfying any pre-conditions; securing income by way of arrangements with potential tenants; and eventually advising on any exit.

In response to the growth of alternative real estate sectors and the increasing importance of real estate operating businesses as drivers of value for investors, we help clients evaluate the specific legal and tax risks of operational assets, and how to structure and access these investments. Explore our report “Fully operational: the future of real assets”.

We advise across the key investment sectors, including:

• Living: we provide deep sector knowledge in the UK’s “living sectors” – Build to Rent (BTR), Private sales developments, Purpose-Built Student Accommodation (PBSA), Single family housing, Later living and Co-living. We understand the realities of managing operational living assets and navigating the complex regulatory environment – from compliance with the Building Safety Act and HMO licensing, to navigating the new Renters’ Rights Act – and support clients through the full lifecycle of their investments.
• Logistics: we support clients with their investment and development of strategically located and technologically enabled properties. We have deep experience in the financing, development and operation of datacenters, fulfilment centres, cold storage facilities, and some of the largest warehouses - buildings vital to issues such as food security, connectivity and technological advancement throughout the UK.
• Office: we advise on the full office investment and development lifecycle; from funding the acquisition to occupation through to disposal. This includes delivery of new premises and the redevelopment and repurposing of existing assets - leveraging our extensive experience in construction and planning. We advise on the creation of some of the most iconic buildings in both city and regional office markets and work alongside our clients to respond to embed sustainable, flexible and smart office design and operation. Our advice also spans the full spectrum of asset management including single and multi-tenant pre-lets, lease renewal and termination, vacant possession and exit strategies.
• Retail and hospitality: we work with some of the most prominent names in both retail and the hotels and hospitality industries, advising on the acquisition, development and operation of businesses and assets. Our experts assist with structuring and negotiating acquisition, disposal and joint venture investment transactions and position our clients to achieve growth and operational excellence in their assets.
• Life sciences: we advise clients in the life sciences sector, an area which is continuing to demonstrate significant capital inflows. We are proud to be one of the founding members of London/UK Builds Bio+, the nonprofit membership-driven organisation dedicated to bringing the life sciences innovation community together and providing assistance with growing, building, and locating life science companies in the area, helping shape the advice we offer on real estate transactions.

Work highlights include advising:

• Realstar on the development and sale of a £750m portfolio of eight BTR and student accommodation properties, and subsequent sale to QuadReal Property Group. We also advised on joint venture arrangements with QuadReal;
• Legal & General on its investment in the Life and Mind Building at Oxford University. The development is the largest building project ever undertaken by the University and will specialise in biology and psychology. The building forms part of Legal & General’s £4bn partnership with the University of Oxford;
• Supermarket Income REIT Plc, on its strategic joint venture with funds managed by Blue Owl Capital, a leading US alternative asset manager, seeded with eight supermarkets from its existing portfolio, with an aggregate value in excess of £400m;
• Stanhope on its joint venture acquisition with Cheyne Capital of Row One, a landmark South Bank development site with planning consent for a c. 250,000 sq ft prime office tower, purchased from Landsec;
• L&G on multiple forward funding arrangements, including in relation to: i) a £160m development of a PBSA site in Manchester; ii) the development of over 300 single family homes in partnership with Vistry Group and Miller Homes; and iii) a £150m landmark BTR development in Stratford, London, with property developer Telford Homes;
• SMBL Developments Limited, a company wholly owned by Mitsui Fudosan UK. Ltd, on a groundbreaking £1.1bn new development of the British Library’s St Pancras site with Stanhope; and
• University of Oxford on a project to create a new £750m centre for mental health and brain sciences in Oxford.