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Nabarro and Dechert LLP act for Quintain and The Wellcome Trust in setting up a new £200 million student accommodation joint venture
27 March 2007
Quintain Estates & Development Plc ("Quintain") has entered into a 50/50 joint venture with The Wellcome Trust ("Wellcome") to establish the iQ Property Partnership Fund ("iQ"). iQ will fund and develop student accommodation which will be retained on a long-term basis. The first two iQ schemes, in Sheffield and Nottingham, have already been completed. Rapid progress is also being made on the construction of schemes in Birmingham, Salford and Kingston, which, together with the completed schemes will have a combined value of more than £100 million. The initial target value for the fund is in excess of £600 million.
Quintain was represented by Nabarro. The team was headed by corporate partner Deborah Lloyd and included tax partner Paul Beausang and associate Claire Blackmore.
The Wellcome Trust was advised by Dechert LLP. The team was headed by London head of Corporate, partner James Croock, assisted by associates David Gervais and Christopher Brierley.
Deborah Lloyd commented: "We are continuing to see an increase in joint ventures where investors are seeking the skills of specialist asset managers in the alternative investment classes".
James Croock commented: "We are delighted to have worked with The Wellcome Trust on this exciting new joint venture. The transaction builds on the Trust's longstanding relationship with the higher education sector. Student accommodation is a real estate growth area."
For further information, please contact:
Charlotte Tandy
Lansons Communications
020 7490 8828
charlottet@lansons.com
or
Deborah Lloyd
Partner
Nabarro
020 7524 6370
d.lloyd@nabarro.com
