Real Estate Funds

Our Practice

Our market leading Asset Management & Investment Funds sector team advises on the establishment of all forms of real estate and real estate debt funds, whether closed- or open-ended, regulated or unregulated, onshore or offshore (including specialist tax and regulatory structuring). The team also works closely with our Real Estate and Real Estate Finance practices who advise on downstream transactions and financings, including both fund-level equity bridge facilities, capital call facilities as well as asset level financings to ensure you have access to the relevant expertise, first-rate advice and support for all your funds-related needs.

Our award-winning practice provides the full range of relevant legal services and related investment arrangements:

  • we act for both institutional and independent managers in establishing real estate funds. Our services include structuring, advice on fund terms, drafting all relevant documentation, advising on regulatory issues and negotiating with investors in relation to their investments
  • we advise on all aspects of remuneration and incentive schemes, including carried interest, “promote” and co-investment arrangements, as well as related regulatory issues
  • we advise on the establishment of new fund management businesses, with our financial services, tax and employment groups having considerable experience on an array of instructions and issues in this area
  • we act for some of the world’s largest and most sophisticated investors on their fund, quasi-fund and managed account investments.

Experience

Our relevant real estate funds experience includes:

Arminius Advisors

  • on the establishment of its first fund, Arminius Real Estate Opportunity Fund which raised €250m. It focuses on distressed real estate and real estate related investment opportunities in Germany

Asiatic India Real Estate Investment Holdings Limited

  • on the structuring of a fund investing in a substantial Indian real estate project

Astra Asset Management LLP

  • on the structuring and formation of a €500m+ real estate fund

Cambridge Associates Limited

  • on amendments to the terms of a limited partnership investment vehicle for a major UK pension fund

Cheyne Capital Management (UK) LLP

  • on an innovative real estate fund structure and on the establishment of a single investor fund

Colyzeo Investment Managers

  • on the establishment of its latest European real estate private equity fund, Colyzeo Investors II, which raised €1,000m

Cordea Savills LLP

  • on three multi-million real estate acquisitions for pan-European funds in the UK, the Netherlands and Belgium

Cordea Savills LLP

  • on the successful establishment of its second Italian real estate fund, named Italian Opportunities No.2. The fund secured €360m of equity from blue chip investors and in addition senior bank debt

Curzon Global Partners

  • on the formation of their most recent European value added real estate fund, European Property Investors Special Opportunities, which raised €788m and closed during 2008 for investment in retail, office and logistics

Derwent Living

  • on a proposed fund focusing on student accommodation

European Islamic Investment Bank/Native Land

  • on the structuring of a potential commercial/residential development joint-venture project involving major Middle-Eastern investors

Evanridge Properties LLP

  • on various issues relating to a suite of Swedish real estate funds

Franck Le Holloco/Emporium Capital

  • on Emporium Capital’s establishment and on the structuring of a single investor vehicle for investment into German real estate

Fusion investments

  • on the structuring of a real estate investment vehicle and related arranged account arrangements focusing on African investment

GIC Real Estate

  • on a number of secondary transactions in the private equity and real estate arena, including a complex primary/secondary transaction involving a Luxembourg FCP structure

Henderson Global Investors

  • on several European backed closed-ended funds investing in UK real estate with a combined value in excess of £400m

Lanebridge Investment Management Limited

  • on the structuring, establishment and maintenance of various trust and limited partnership structures, together with ongoing financial services regulatory matters

Mitsubishi UFJ Trust and Banking Corporation

  • on the AIFMD and other regulatory implications of the marketing of certain services relating to Japanese real estate

Neinver

  • on the establishment of its first fund, the IRUS European Retail Property Fund, which raised €480m and is a sector specific fund focused on outlet centres, retail warehouses and stand-alone retail property across Europe

NM Rothschild & Sons

  • on the establishment of managed account relationships focusing on UK commercial mortgages

Old Mutual Global Investors (UK) Limited

  • on the sale of its partnership participation in a real estate fund

Protego Real Estate Investors

  • on the formation of their Nordic Retail Fund which raised €600m for investment in a diversified portfolio of retail assets across the four major Nordic economies of Sweden, Finland, Denmark and Norway and had an initial portfolio of retail property assets in Sweden and Finland

Rockspring Property Investment Managers

  • on the establishment of their latest European real estate fund, Rockspring Transeuropean Property Limited Partnership IV which raised €274m as well as their Portuguese fund, the Rockspring Portuguese Property Partnership, which raised €200m

WyeTree Asset Management Limited

  • on an ongoing basis in relation to various matters including AIFMD compliance (in respect of all funds managed by WTAM), FATCA compliance and various managed accounts
  • on the establishment of a closed-ended fund listed on the main market of the LSE investing in residential mortgage backed securities

Specialist Expertise

Our real estate and infrastructure funds team is part of our award winning and highly specialised international asset management and investment funds practice. The focus of our practice is on the following key areas:

Fund structures

Real estate and real estate credit funds – advising on all forms of property fund (closed- and open-ended, corporate and partnership, onshore and offshore) including specialist tax structuring

Hedge funds – advising hedge fund managers on the full range of issues relevant to the launch and management of hedge funds and funds of hedge funds

Private equity funds – advising financial institutions and independent private equity managers on the full range of legal structuring and implementation issues relating to the formation of private equity funds and funds of private equity funds, and in relation to investing in private equity funds

Listed closed-end funds – advising asset managers and fund sponsors in relation to the launch and restructuring of onshore and offshore closed-ended funds

Retail funds – advising asset managers on the launch, restructuring, promotion and operation of UK unit trusts and open-ended investment companies (OEICs), UCITS funds (including Luxembourg and Irish funds) and other funds available for promotion to the public

Exchange Traded Funds (ETFs) – advising on the full range of issues relevant to the launch and management of ETFs

Real Estate

We advise substantial investors, property funds, lenders, borrowers, developers, landlords and occupiers. We understand the commercial challenges our clients face and we manage our resources effectively to run transactions efficiently and on budget.

Real Estate Finance

We act for banks, borrowers, funds, mezzanine lenders, issuers, arrangers and rating agencies. We are a leading firm in the sector and thrive on complex matters, structuring our business to ensure close partner attention on all our deals.

Environment

Major international clients trust us on their climate change financial needs, due to our strong relationships with global corporations and the world’s largest financial institutions. With considerable experience in both the development and application of environmental and climate change law and policy world-wide, Simmons & Simmons’ environment and climate change practice has long been recognised as a leader within this expanding and increasingly complex field.

Regulatory

We advise Asset Management & Investment fund firms on the full range of financial services regulatory matters, including advising on all aspects of compliance with applicable regulatory requirements as well as strategic regulatory issues relating to such matters as business reorganisations and start-ups, fund marketing and short selling, often involving a cross-border element.

Derivatives

We advise the user side of the derivative market on products including bespoke structures and high-volume products as well as general advice on the full range of exchange-traded and over-the-counter products (eg ISDAs and repurchase agreements).

Corporate M&A

Focusing on mergers and acquisitions, ownership structures and IPOs of client businesses in this sector, we have significant experience of buying and selling asset management companies and businesses (including strategic stakes) and private equity transactions.

Tax and other issues

We regularly involve our specialists in tax, litigation, property, employment, intellectual property, IT, data protection and insurance law to advise our clients.