Alternative Real Estate Investment Classes

Our Practice

We advise on all aspects of alternative investment classes. These include PFI/PPP projects, healthcare and PRS. Our team advises governments, property developers, lenders, borrowers and contractors across a number of jurisdictions. Our extensive resources and experience means we can assemble teams of lawyers with the appropriate skills to deal with all types of accommodation project requirements.

We have also advised on some of the leading student accommodation projects, including advising on equity investments, bond financing, development and investment facilities both on and off campus and involving leases and hard and soft nomination agreements.

Experience

Allenby and Connaught

  • on the due diligence review of the MoD’s contract for the provision of modern, high quality, fully serviced, purpose-built living and working accommodation.

Carillion

  • on the project and funding documents in relation to the bond financed University of Hertfordshire student residence Project.

Colchester Garrison

  • advising RMPA Services plc on the financing of the £680m bond financed Colchester Garrison living and working accommodation PFI Project for 3,500 military and 220 civilian personnel.

DERA

  • on the PPP for the Defence Evaluation and Research Agency (DERA), which includes a long term partnering agreement for the rationalisation of the testing ranges and aerodromes including the accommodation aspects. Our team won The Lawyer’s ‘Projects/PFI Team of the Year’ award for our work on this project.

Devonport

  • on the partnering arrangements at Devonport and Portsmouth Naval Bases relating to the upgrade of certain facilities including some accommodation aspects.

Lloyds Banking Group

  • on connection with the provision of finance for the University of Aston phased accommodation scheme providing 2000 new beds as part of the redevelopment of the University of Aston campus. Similar finance provided for Buckinghamshire New University student accommodation scheme.

Middlesex First (SPV)

  • on its PPP project for student accommodation with the University of Middlesex.

Ministry of Justice

  • on various accommodation projects across the custodial courts and prison estates including in relation to a competition to provide a full operational and maintenance and facilities management services at contracted-out prisons.

MJ Gleeson Group

  • in connection with the redevelopment of the former Netherne Hospital site at Coulsdon, Surrey.

Nene College

  • on its university accommodation for students on campus.

Olympic Park

  • accommodation finance - representing Grosvenor in connection with the provision of bank finance for the development of the Olympic Park student accommodation tower block adjacent to the Olympic site.

UK Ministry of Defence

  • on the Defence Training Review Rationalisation project (DTR), the £12bn project covering the delivery of non-flight based specialist training across the three armed forces over the next 30 years. The project, which seeks to deliver the best technical and value-for-money solutions to meet the future needs of defence specialist training, is the largest accommodation PFI in the UK including the construction and operations of the new military “campus” in St Athan, Wales and is one of the most high profile of the MoD’s projects.

UPP

  • a fund now owned by PGGM and Gingko Tree Investments that invests in university accommodation, on a £5bn bond issuance programme used to refinance of a number of their project loans.

Unite

  • in the bid for the Reading accommodation project.

Specialist Expertise

We offer a range of specialist services that covers all aspects and stages of alternative real estate investment projects, including PFI/PPP, accommodation, student accommodation, hotels & leisure, healthcare and PRS:

Finance

We have extensive experience representing lenders, universities, operators, private equity and funds in connection with the provision of finance for student accommodation projects

PFI/PPP concessions

We have extensive experience negotiating and advising on PFI/PPP concession agreements involving accommodation requirements to ensure a robust structure for the financing of the project and a bankable deal.

Construction

We advise on all stages of construction from the inception of the project through to its completion, including the preparation and negotiation of the terms of construction documentation, contracts, sub-contracts, drafting of performance bonds, guarantees and insurance arrangements, dispute resolution and advice on EC and other public procurement issues.

Property acquisition

We advise on the acquisition of accommodation properties, including property due diligence.

Funding and finance

We have experience acting for both lenders and borrowers, covering the full range of financing and funding options, including securitisations and private equity finance.

Planning

We provide specialist advice in both contentious and non-contentious planning matters and have extensive experience in negotiating planning, planning applications, planning appeals and local plan enquiries.

Environment

We advise on regulatory compliance and provide advice on guidance for environmental issues, including due diligence and disclosure, the appointment of environmental consultants and the negotiation of contractual provisions.

Joint venture/consortium agreements

We advise on the structuring of consortia to bid for major projects and the shareholder agreements establishing special purpose vehicles.

Operational arrangements

We have wide-ranging experience of advising in relation to nomination agreements with educational institutions, managing agents’ appointments, facilities management, contracts and other service level agreements for operation of student halls accommodation schemes.

Tax structuring

We have extensive experience of structures and techniques which can enhance the tax efficiency of accommodation projects, and also the experience to recognise the particular requirements of different types of clients and how the various transactional structures can be effectively combined. In the student halls accommodation sector we have the necessary experience of advising on direct taxes, capital allowances and VAT.