Global law firm Bryan Cave Leighton Paisner (BCLP) is advising Unibail-Rodamco-Westfield (URW) on the formation of a new partnership with a wholly owned subsidiary of the Canadian public pension fund the Public Sector Pension Investment Board (PSP Investments) and global real estate company QuadReal Property Group (QuadReal) to deliver a £670 million private rented sector (PRS) residential scheme, adjacent to Westfield Stratford City, London. It will be one of London’s largest single-site PRS schemes and signals URW’s entrance into the market.
The three joint venture partners have signed a conditional agreement that will see PSP Investments and QuadReal each take a 37.5 percent share in what will be known as the Cherry Park Partnership, while URW will retain a 25 percent share and be appointed as the development and asset manager. Completion of the formation of the Cherry Park Partnership is subject to customary conditions precedent.
The partnership will deliver the development and management of a site that will comprise 1,200 new homes with a suite of amenities including a residents’ gym, swimming pool, workspace and high-quality public areas. Construction is set to start in the second quarter of this year, with a phased completion and delivery expected post-2023.
URW is a premier global developer and operator of flagship shopping destinations, with a portfolio valued at €65.2 billion (as of Dec. 31, 2018). Currently, URW owns and operates 92 shopping centres, including 55 flagships in the most dynamic cities in Europe and the United States.
A large, multidisciplinary team from BCLP’s London office advised URW on the transaction, led by BCLP’s Global Head of Real Estate Chris de Pury, who commented: “We are very pleased to have advised the URW team on this strategically important deal which required complex legal advice. This is a significant move for our client into London’s Built-to-Rent market and we look forward to helping URW as it continues to expand its business interests.”
Herbert Smith Freehills LLP is advising URW on real estate and tax aspects of the transaction. Mourant is advising URW on Jersey law elements of the transaction.
With over 1,400 lawyers in 31 offices across North America, Europe, the Middle East and Asia, Bryan Cave Leighton Paisner LLP is a fully integrated global law firm that provides clients with connected legal advice, wherever and whenever they need it. The firm is known for its relationship-driven, collaborative culture, diverse legal experience and industry-shaping innovation and offers clients one of the most active M&A, real estate, financial services, litigation and corporate risk practices in the world.