Bryan Cave Leighton Paisner (BCLP) advised 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.
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.
Bryan Cave Leighton Paisner (BCLP) advised Unibail-Rodamco-Westfield with a team led by Chris de Pury (Picture).
Involved fees earner: Chris de Pury – Bryan Cave Leighton Paisner;
Law Firms: Bryan Cave Leighton Paisner;
Clients: Unibail-Rodamco-Westfield ;