Macfarlanes has successfully advised L&G on its merger between the Federated Hermes Property Unit Trust (FHPUT) and L&G’s Managed Property Fund (MPF), creating a combined fund value of £4.7bn. 

The merger will help to achieve capital stability, liquidity and investment performance for unitholders in both FHPUT and MPF (which forms part of L&G’s unit-linked insurance business). The merger was approved by extraordinary resolution of FHPUT unitholders on 24 June 2025 and took effect on 15 August 2025. 

Following the merger, MPF will continue seeking to outperform the MSCI/AREF UK Quarterly All Balanced Property Fund Index by investing in freehold and leasehold property including retail and commercial premises, agricultural land, development sites and schemes (including joint partnership funding) located throughout the UK. 

The Macfarlanes team was led by Private Funds Partner Harriet Miller and Investment Management Partner Lora Froud with assistance from Senior Counsel Carolina Barry-Laso, Senior Associate Sandeesh Shah and Associate Harry Middleton.

Real Estate advice was provided by Partners Andrew Hughes and Tania Barnes with assistance from Senior Associates Florien Stone, Gwen Llewelyn-Atkinson, Harry Pledger, Marissa Papas, Rosanna North and Zac Brodie, and Associates Jake Simons, Joseph Mukozho, Maria Cannatella-Barcroft, Russell Fancourt and Tosin Ojukotola. 

Tax advice was provided by Partner Sarah Shucksmith, Senior Associate Jack Slater and Associate Lucy Fowler. Employment advice was provided by Senior Counsel Kirti Tiwari-Mehta.

Commenting on the merger, Private Funds Partner Harriet Miller noted: “We were delighted to advise L&G on the successful merger and support the continued growth of L&Gl’s Managed Property Fund. Our ability to bring together different areas of expertise from across the firm and work together on complex transactions is a testament to strength of Macfarlanes and one we relish.”