Legal & General turns to Macfarlanes for acquisition of Deansgate Square’s North Tower

04 February 2020

Long-standing client Legal & General has once again turned to Macfarlanes for an acquisition within Manchester’s Deansgate Square development, the tallest build-to-rent (BTR) scheme in the UK.

The North Tower includes 276 apartments across 37 storeys and is one of four residential towers which form the centre of the development, surrounded by amenity, commercial and public space. The acquisition has been made through Legal & General’s two largest balanced funds, the UK Property Fund and the Managed Fund, in a 50:50 ownership structure.

Macfarlanes previously advised Legal & General on the purchase of the adjacent 44-storey West Tower in April 2019.

The team for this matter was led by real estate partner Anthony Burnett-Scott with assistance from senior solicitor Jim Roberts and solicitor Gwen Llewelyn Atkinson. Construction advice came from partner Angus Dawson and senior solicitor Rebecca Whatman, with senior counsel Kirsten Prichard Jones and senior solicitor Sarah Shucksmith providing tax expertise.

Anthony Burnett-Scott comments: “We were pleased to assist Legal & General once again on its latest acquisition within Deansgate Square, adding another sizable asset to its growing BTR portfolio.”