Real estate funds

Lawrence Graham's traditional strengths in the areas of real estate, investments funds, corporate finance and tax structuring mean we are extremely well positioned to advise you on both real estate investment and the structuring of real estate funds.  Our leading funds practice comprises eight partners and a further eight lawyers.

The team has wide ranging experience in establishing and providing ongoing legal advice to UK, European and global funds.  The team also has vast experience in acting for investors investing into UK, European and global funds.

We are market leaders in establishing indirect real estate investment structures. Our experience ranges from establishing both authorised and unauthorised UK-based investment vehicles to offshore structures.  We also act for a variety of institutions and funds investing indirectly into both UK and offshore real estate funds and provide a comprehensive ‘due diligence’ service, focusing always on the needs of the investor.  Tax in particular will be a key issue at both investor level and fund level.

We also have extensive experience of buying and selling real estate assets through onshore and offshore corporate entities, limited partnerships and unit trusts. The team is also well versed in structuring and negotiating joint ventures, with particular expertise in regeneration projects and shopping centre developments.

We pride ourselves on our ability to provide both commercial solutions and clear advice on complex technical issues, and we are also active participants in bodies including the British Property Federation, Property Industry Alliance, Federation of Corporate Real Estate, Investment Property Forum and Leisure Property Forum.

Real estate funds

We can advise on:

• The establishment of UK and off-shore funds (both quoted and unquoted)
• Tax structuring
• Corporate holding structures for real estate acquisitions and disposals
• Joint ventures
• Investment into UK, European and global funds

Real estate funds

We act for a broad range of clients ranging from institutional investors and fund managers (such as Axa Sun Life, Universities Superannuation Scheme, Legal & General, LaSalle Investment Management, NFU Mutual, Hermes, Threadneedle, Antler Property Investments, The Pension Corporation and IVG) to developers (such as Development Securities and Brookfield) and real estate funds (such as Dolphin Capital, Japan Residential and VinaLand).

Recent work includes:

Unlisted real estate funds

Advised Tesco Pension Trustees on a property joint venture structured as a limited partnership with a Jersey unit trust

Advised Universities Superannuation Scheme on its joint venture with Tesco Plc
structured as a limited partnership with a Jersey unit trust

Advised LaSalle Investment Management on two joint ventures with Flodrive Holdings structured as limited partnerships

Advised Legal & General on the establishment of four limited partnerships with Jersey unit trusts

Advised NFU Mutual on its joint venture with Salmon Harvester Properties Limited
structured as a limited partnership with a Jersey unit trust

Advised Universities Superannuation Scheme on the acquisition of Eden Walk
Shopping Centre through a Jersey unit trust with an underlying limited partnership

Quoted real estate funds

Advised Dolphin Capital Investors Plc, a quoted property investment fund
established to invest in a portfolio of high value leisure and residential resorts in south eastern Europe. The fund raised €109 million on launch; and on secondary issues raised a further €300 million and €450 million with Goldman Sachs and Morgan Stanley acting as joint book runners

Advised Japan Residential Investment Company Limited on its admission to AIM and an associated placing which raised £100 million

Advised Vinaland Limited on its admission to AIM and an associated placing which
raised $117.2 million

Acquistions and disposals

Advised Legal & General on the disposal of Harrow Shopping Centre by way of a sale of a Jersey unit trust

Investment into real estate funds

Advised a UK institutional investor on its investment into the Goodman European
Logistics Fund structured through a Luxembourg FCP

Advised a UK institutional investor on its investment into the Henderson European
Retail Property Fund structured through a Luxembourg FCP

Real estate funds

"The ‘simply superb’ team at Lawrence Graham LLP provides ‘excellent service and high-quality, professional advice’, particularly for real estate funds and closed-ended listed funds.  It advised Arc Capital Holdings on restructuring and the subsequent admission of realisation shares to AIM.  Nick Heather is ‘very commercial, has wide experience, and provides creative solutions’.  The ‘commercial and knowledgeable’ John Reed is noted for his expertise in AIM-listed investment vehicles." - The Legal 500 UK

"Providing ‘excellent partner-level support’, Lawrence Graham LLP’s core strengths are real estate funds and closed-ended funds. Highlights included advising BlackRock Frontiers Investment Trust plc on its LSE placement and £95m fundraising. Other clients include Ruffer Investment Company, Cenkos Securities and Universities Superannuation Scheme. Nick Heather is ‘personable, has a deep commercial understanding of funds, provides creative solutions, is well connected in the industry, and provides excellent client management.’" – The Legal 500 UK

"This firm specialises in closed-ended and real estate funds." – Chambers UK

"Clients praise Lawrence Graham LLP for its 'consistently good service backed by strong technical ability', and for being 'responsive and providing good value for money'." – The Legal 500 UK

"...[admired for their] 'thorough understanding of the funds process and their commercial and efficient team work.'" – Chambers UK