Alternatives transactions continued to surpass expectations in 2018 (in excess of £15bn) and make up over 25% of the total commercial property market in the UK
The UK has one of the largest alternative real estate markets with a value of over £9bn meaning this is a sector that cannot be ignored.
The key benefits of the alternative sector includes long leases, indexed rental uplifts, better covenants and the potential to diversify portfolios.
We advise on all aspects of alternative investment classes including PBSA, BTR, PRS, Healthcare and Hotels. Our clients include property developers, investors, lenders and borrowers across a number of these asset classes. We believe our total focus on real estate brings specific benefits for our clients.
- The Collective Canary Wharf Limited – advising on the design and construction aspects of a new building including 700 units at Baltimore Wharf intended for the private rented sector.
- Prosperity Capital Partners, a joint venture on a large Manchester city centre redevelopment site with the seller, Deansgate, involving a development agreement and investment lease following which Prosperity will build, with a forward funder, a circa £175m PRS project.
- London & UK Property – We advised on an innovative purchase and financing structure for The Globeworks, Birmingham involving a sale and leaseback with PGIM, and bank finance from Hyde Park Finance, and mezzanine finance from Prosperity Capital Partners. The one-acre site on Cliveland Street is part of their pipeline of student accommodation developments. Globeworks will be a 5-10 storey student residential building of circa 520 student bedrooms with an end value of circa £45m.
- Maslow Capital – Advising in relation to a £17.5m loan facility to fund the development works at 33 Parkside, Coventry, Warwickshire to create a 262 unit student block of 67,566 sq. ft, with a gross development value of £30m. The development is adjacent to the 33-acre purpose-built University campus in the heart of the city centre.
- Maslow Capital – Advising in relation to an £18m loan facility to fund the acquisition of the site known as the former Berendsen Laundry, Newcastle Road, Neville’s Cross and to finance the development of a 227 bed student accommodation scheme in Durham, with a gross development value of c.£30.7m.
- Fragrance Hotels – acted for a Singaporean based hotel investor called Fragrance in their acquisition of circa 10 hotels in a variety of locations including Bath, Liverpool and Manchester. The project in Liverpool involved the acquisition of a long lease from the City Council of the Municipal Building in Liverpool for conversion to use as a hotel. The Fragrance projects threw up a variety of planning complexities.
- The Collective/Cheyne Real Estate – acting on a high rise development being undertaken by a JV comprising The Collective and Cheyne Real Estate for serviced apartments/hotel use at 8 Baltimore Wharf, with a GDV in excess of £170m.
- Conran and Partners Limited – advise on their current schemes including (inter alia) Centre Point London, Hong Kong Jockey Club, a high rise development in Dubai, London Powis Street Woolwich, London Cressingham Garden Estate Regeneration and works for the City of Westminster.
- Acquisitions and leasebacks of GP surgeries for private clients, and currently acting on purchase and leaseback of an ambulance station.
- Anglo Suisse Investments – Acting on the sale of two prime central London freehold buildings, 95 and 97 Harley Street, W1, (each let on a long lease guaranteed by HCA International) to Aberdeen Standard Investments. Both properties were recently refurbished to provide state-of-the-art facilities and cancer treatments at the cutting edge of medicine. The properties are on the western side of Harley Street, surrounded by some of the world’s most prestigious medical practices, including The Harley Street Clinic, The London Clinic and The Heart Hospital.
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