Nabarro advised on investment in new REIT

Forum European Realty Income III LP, a fund managed by existing Nabarro client Forum Partners Investment Management LLC (Forum), has agreed to invest up to £17 million in convertible unsecured loan notes (CULS) to be issued by a subsidiary of NewRiver Retail Limited (NRR), the AIM specialist real estate investor. The CULS will be listed on the CISX Official List.

NRR has also announced plans to become a UK real estate investment trust (REIT) and acquire a £14 million portfolio of five UK retail properties from Standard Life.

Funds managed by Spearpoint Limited, a Channel Islands based independent investment boutique, have also conditionally committed to subscribe for up to £8.0 million of CULS.

Forum is a global real estate investment management firm which sponsors and manages indirect value added real estate investment funds across Europe and Asia, with over $ 2 billion in assets under management on behalf of institutional and individual investors around the world.

The Nabarro team advising Forum was led by corporate partners, Alasdair Steele and Russell Holden with assistance from corporate associate Jack Shepherd. NRR were advised by Eversheds LLP.

Alasdair Steele, corporate partner, comments: "This latest investment by Forum demonstrates a growing belief that the UK commercial real estate market has reached a turning point following the economic downturn."

If you would like any further information or have any queries please contact:

Alasdair Steele
Nabarro LLP
a.steele@nabarro.com or 0207 524 6422

Jemma Parry
Lansons Communications
Jemmap@lansons.com or 020 7566 9706