International law firm Pinsent Masons has advised G:Res 1 Limited on the £349m corporate disposal of its market-let residential UK property portfolio to GRIP. GRIP is a residential investment fund backed by Grainger plc, the UK’s largest listed residential landlord, and APG Strategic Real Estate Pool.
As well as co-investing in GRIP, Grainger has on behalf of GRIP arranged new long term debt from Barclays Corporate and AXA. Grainger will also continue to provide fund, asset and property management services to GRIP going forward. GRIP’s aim will be to grow by investing in predominantly stabilised, market-let blocks and portfolios focused on Greater London.
Christopher Bennett, Director of G:Res and Head of Real Estate at DCG said: “The transaction has successfully delivered the sale of the fund assets and return of capital to investors considerably earlier than programmed under the break up strategy in place, whilst removing both execution risk and the need to refinance in early 2014.”
Nick On, Group General Counsel of Grainger plc, said: “This is an important transaction for Grainger, which had some particular complexities which were well handled by all the professional advisors involved. We’re delighted to achieved a successful completion.”
The Pinsent Masons team advising on the sale was led by Corporate/M&A partner Robert Moir, supported by Iain Butler, Rhodri Roberts, Matthew Friedlander and Louise Barnett (corporate), Rebecca Wilcock (banking), Matthew Rowbotham (tax) and Katie Tucker (insurance).
Robert Moir commented: “We are delighted to have acted for G-Res on this significant corporate real estate transaction. We are seeing increased strategic M&A and investment activity in the real estate sector and it is very pleasing to have had the opportunity to work for G-Res following our appointment to the Grainger plc panel last summer.”
