"Clients have complete confidence in the technical skills of the team"
Chambers UK 2013
Nabarro’s Funds and Indirect Real Estate team is acknowledged as a market leader for real estate, private equity and hedge funds. The team's core practice areas include:
UK and international fund establishments and renewals
Corporate-wrapped real estate acquisitions and disposals
Tax led structuring
Investment into global, pan-European and UK funds
Real Estate Investment Trusts (REITs)
In 2012, the team advised on closings for 8 funds raising an aggregate of £1.5 billion and closing transactions with an aggregate deal value of more than £2.5 billion.
Much of the Funds and Indirect Real Estate team’s work is international. Our solutions draw on our close and established relationships with other leading law firms in Europe and around the globe, enabling us to provide our clients with a consistent, high level service.
The team is one of the largest in London specialising in the indirect real estate market and comprises 6 partners, 14 associates, 3 trainees, 1 paralegal and 1 professional support lawyer.
Private Equity & Hedge Funds
The team has a noted reputation for advising on the establishment, operation and restructuring of a wide range of alternative investment funds, in particular debt funds, private equity funds and hedge funds. Our clients are drawn from the spectrum of industry participants, including alternative investment fund managers, investment banks, members of management teams, investors in funds and placement agents.
The team has a premier reputation establishing real estate funds across the UK, Europe and globally. The team also has unrivalled experience acting for investors investing in UK, pan-European and global funds. Our depth of experience ensures that we are well placed to deal with issues that may arise to bring funds to a successful close.
We are regularly involved in high profile and complex transactions, including buying and selling corporate vehicles, tax efficient structuring and joint ventures.
Members of the team are regularly recognised as leaders in their field in the legal directories. They are active participants in industry bodies including INREV, EPRA, IPF, BPF and AREF.
The Funds and Indirect Real Estate team also includes a dedicated REITs team. It has been involved in converting more companies to UK-REIT status than any other firm and is closely involved in the ongoing development of REITs.
2012 deal highlights
2012 transaction highlights include:
Sale of a 50% interest in Meadowhall Shopping Centre for London & Stamford Property and its JV partner to Norges Bank Investment Management.
Sale of Tower 42 for BlackRock, Hermes and LaSalle to the Kirsch Corporation.
Sale of the Junction Fund for Hermes, Aviva, AREA Property Partners and Capital & Regional to Hammerson.
Sale of 10 Gresham Street for Hammerson and Canadian Pension Plan to KWAP, the Malaysian state pension fund.
Acquisition of the Caspar property portfolio by Mountgrange and Patron Capital from Henderson Global Investors.
Establishing a joint venture between UNITE (the market leader for student accommodation funds) and Government of Singapore Investment Corporation (GIC).
Acting for Development Securities plc on their joint venture with RealStar in respect of a residential site in Stratford.
2012 funds highlights include:
Establishment of European Property Investors Special Opportunities 3 LP, a pan-European opportunity fund for Tristan Capital Partners.
Successive closings of Rockspring TransEuropean Property V.
Establishment of AXA's UK Long Lease Property Unit Trust.
Final closing of Curzon Capital Partners III LP for Tristan Capital Partners.
Establishment of Cordea Savill's Prime London Residential Development LP.
Establishment of Mansford Opportunities IV and Mansford Core Property Portfolio.
Our latest alerts, briefings & reports
Nabarro briefings and reports
FIRE's 3 key highlights (Q2, 2013)
(1) Advised AXA Real Estate on the £472m acquisition of Ropemaker Place in a cross border joint venture
(2) Closed transactions with aggregate value of more than £1bn for international investors active in the London market in Q1 2013
(3) Acting on more than £375m of Fund investments and
co-investments View full briefing
AIFMD - Practical implications for your business
Examines 10 key questions to help you understand the impact of the AIFMD on your business and fund structures and to consider possible solutions; Examines timing issues and the AIFMD's impact on third country managers and funds; Sets out in a flowchart how the AIFMD applies to raising capital in the EU under the AIFMD. View full briefing
Second FSA consultation paper on transposing the AIFMD
On 19 March 2013, the FSA (now the FCA) published its second consultation paper on transposing the AIFMD into UK law (CP2). Whilst the FSA has not been able to cover all the items it said it would in the first consultation paper, CP2 does offer some more guidance which firms will find useful in getting AIFMD-ready. View full briefing
PAIFs - where are we going?
The Government introduced tax breaks for UK property funds in 2008. It has taken five years for the industry to start responding. Now we are seeing authorised investment funds being launched as property authorised investment funds (PAIFs). Why the delay? Market conditions have played a large part in the lack of action. However, there are still practical and tax issues to be resolved. View full briefing
There is an inescapable flow of new European legal and regulatory measures coming our way and which potentially affect the real estate and funds sector. View full briefing