Taylor Wessing advises Exemplar Properties in a joint venture with Morgan Stanley Real Estate
Taylor Wessing advised Exemplar Properties Holdings LLP ("Exemplar") on a joint venture with Morgan Stanley Real Estate through which Exemplar will manage the development portfolio that Morgan Stanley Real Estate Fund ("MSREF") V International acquired from The Royal Bank of Scotland in December 2005, and will also be making a minority investment in it.
The joint venture will increase Exemplar's portfolio to a total of ten projects under construction, with a further 15 in the pipeline.
The development portfolio has to date been managed by Omega Land Limited ("Omega") and the existing Omega team will transfer to Exemplar. The portfolio consists of 17 development sites throughout the UK, which have the potential to provide over 3 million sq. ft. of office and residential space once completed. Most of the 17 sites are located in London and include major strategic development opportunities such as Goodmans Fields, Aldgate Union and Drapers Gardens. The latter is currently being demolished to make way for a new 280,000 sq. ft. Foggo-designed scheme, on which construction is due to begin in September 2007.
The cross disciplinary team from Taylor Wessing advising Exemplar included Partners Chris Turley (real estate), Paul Burke (corporate), Peter Jackson (tax), and Associates Charlie Pring and Mark Smith (employment and pensions, respectively).
Chris Turley commented, "We are pleased to have advised Exemplar Properties on this exciting opportunity for them. The transaction required specialist input from our real estate, corporate, tax and employment and pensions group to bring together a complex deal structure in a very short space of time."
Partners Robert MacGregor and Keith Stella of Berwin Leighton Paisner advised MSREF.
Notes to editors
For more information please contact Sheena Lee at Taylor Wessing:
Tel: +44 (0)20 7300 4930
Email: s.lee@taylorwessing.com
Taylor Wessing is a leading law firm providing legal support for commercial organisations doing business in Europe. Based in Belgium, France, Germany and the UK, Taylor Wessing provides the full range of legal services to major corporations and growing enterprises. Taylor Wessing boasts a strong reputation in the corporate, finance and real estate sectors alongside in-depth experience across the full range of legal services including intellectual property and technology, tax, litigation & dispute resolution, employment & pensions and private client.
