Macfarlanes advises Berkeley on acquisition of £412.5m interest in St William joint venture from National Grid

21 March 2022

Macfarlanes has advised The Berkeley Group plc on the acquisition of National Grid’s 50% interest in its St William Homes LLP joint venture, which is now a wholly owned Berkeley Group subsidiary, for a cash payment £412.5m together with approximately £500m of further land payments to National Grid over the next 10 years.

The transaction gives Berkeley full control of 19 sites together with three new long-term development sites. In total, there are over 20,000 future homes across 24 sites. Berkeley’s investment reflects its expertise in the regeneration of large brownfield spaces and demonstrates its long-term commitment to London.

The Macfarlanes team was led by real estate partner Gerald Kelly alongside corporate and M&A partner Justin Hope, supported by senior solicitors Jim Roberts, Tania Barnes, Emily Walker, Rachael Ashton and solicitors Harry Pledger and Robert Malaney in relation to the real estate elements, solicitor Natasha Sellayah in relation to corporate and M&A advice and senior counsel Kirsten Prichard Jones in relation to tax matters.