introducing dac beachcroft's real estate capability to our … · 2016. 10. 19. ·...
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Introducing DAC Beachcroft's real estate capability to our international partners
Welcome to DAC Beachcroft
DAC Beachcroft - the right response to your legal needs
We are pleased to have this opportunity to introduce DAC Beachcroft
and our real estate expertise.
We are a leading international legal business headquartered in London
with over 2,000 people, offering a comprehensive real estate capability
for clients across Europe, the Middle East, Latin America, North
America and Asia-Pacific.
Our client base benefits through access to our international infrastructure, expertise and resources. We provide local knowledge and expertise on location and manage client relationships in a fully integrated manner across all offices. Clients may choose to work with our lawyers based in London or local lawyers based in the regions/ jurisdictions, or a combination of both.
For example, our Islamic finance practice group is drawn from our international offices to offer multi-jurisdictional expertise.
We are agile, progressive and easy to engage with. Our flexible approach to resourcing enables us to apply the right mix of legal, commercial and process skills to deliver the right outcome at the right price, according to our clients’ individual requirements.
Key benefits to you:
2,000+ people across the UK, Europe, Asia Pacific and Latin
America combined with a flexible approach to resourcing – to provide you with the right mix of legal, commercial and process skills
Client focus and strong real estate law network Multi-dimensional teams put together to mirror your lines of
business so we can align ourselves to your global strategic objectives and achieve the right outcomes based on your strategy
A commitment to deliver the right response for you at the right price – offering you transparency of costs and a flexible approach to pricing
Assured quality of advice and service – we have ISO accreditations with regard to management systems and information security.
This firm’s real estate group is praised for “its
understanding of what the client needs and being
able to give the relevant advice.” It remains strong in
commercial, residential and mixed-use development
work, and also real estate investment, finance and
asset management.
Chambers UK
Developers / Investors
The Ascott Group, Arab Investments, Bouygues UK, Crest Nicholson, Deeley Freed, Chelverton, Epping Forest Council, Galliford Try, Lend Lease, Westfield, Taylor Wimpey, Persimmon, Rutland Group, Square Bay, Tunbridge Wells Council
Occupiers
L’Oreal, Inchcape, Johnsons Dry Cleaners, Pirelli, Clarks, Pets at Home, Mcafee, The Go Ahead Group, CHEP (Brambles), Guy's and St Thomas's NHS Foundation Trust
Banks
Allied Irish Bank, Bank of Ireland, Coutts, Royal Bank of Scotland, Irish Bank Resolution Corporation, Santander UK Plc, Dunbar Assets
Funds
AXA Real Estate, CBRE Global Investors/Zurich, Hermes REIM, Thornton Investment Grade Property Unit Trust, Beazley PLC, Verulam QED, Irish Life Assurance Plc/Canada Life
Leading real estate capability
Significant resources
DAC Beachcroft is an international law firm with over 135 real estate lawyers providing full service property advice ranging from complex high value transactions to volume property management.
We are well connected with a large network of contacts in banking, surveying, project management and construction, agents, tax consultants and fund managers. Where appropriate, we can make introductions and manage the entire real estate process.
A sample of our real estate clients includes:
Full service capability
We provide full service legal advice including:
Planning and environment Real estate investment Real estate development Asset and fund management Real estate finance and tax Construction Sustainable development and energy solutions Real estate disputes Corporate transactions / Joint Ventures Occupier services Islamic Finance Practice
Commercial real estate
Leading commercial real estate practice
DAC Beachcroft's commercial real estate team advises on all aspects of commercial, retail and mixed-use development and investment covering the development, acquisition, financing, management and disposal, including forward sales and pre-lets, of property assets and portfolios.
Our clients include UK and overseas property companies, investors, funds, housebuilders, institutions, retailers, corporate occupiers, contractors, landowners and companies whose property assets are at the heart of their business.
We have expertise in a variety of sectors including offices, retail and leisure, hotels, healthcare and industrial and in investments in PFI/PPP portfolios, Local Improvement Finance Trust (LIFT) projects and key worker accommodation.
Development
We have a particular expertise in acquiring large and complex sites and dealing with complicated site assemblies, rights of light and boundary issues, obtaining vacant possession, highway and services diversions, negotiating planning and highway agreements, negotiating construction documentation and advising on procurement, joint ventures, sustainable development and zero carbon compliance issues.
Planning, highways and infrastructure
Our leading planning and environment legal team comprises 10 specialist advisers and a RTPI planner who act for developers, public bodies, local authority landowners and highway authorities. We advise
through all stages of the planning process covering planning policy, applications, appeals, high court challenges and judicial reviews relating to retail developments, mixed use developments, industrial installations, hospitals, schools and other major projects.
Sustainability and energy for the built environment
We act for developers on all aspects of the regulatory requirements for delivery of sustainable development and onsite energy supply.
Our advice includes the delivery of decentralised energy solutions, energy service company structures and renewable technology. Our work on a number of landmark projects, including several of the first zero carbon developments in England, has led us to advising energy service companies, registered social landlords, occupiers and investors.
Our advice covers the entire sustainable development process, from planning and site acquisition, construction issues, environmental regulations, Government incentives and tax.
Construction
Our construction group acts for developers, national and international contractors, consultants, government bodies, local authorities, NHS Trusts, funders, multi-national agencies and insurers. We advise on the full range of commercial, corporate and regulatory matters including the transactional and procurement aspects of construction projects. Our work has included major civil engineering projects, highways and infrastructure, bridges, power generation, dams and reservoirs, hospitals, schools, hotels, airports and railways and energy projects.
Hotels
In addition to our acquisition, development and finance skills, we advise on management contracts, franchise agreements and operating leases in the hotels and serviced apartments sectors.
Commercial projects
Gracechurch Street – 110,000 square foot office scheme at 36-41 Gracechurch Street, London. Advising on site acquisition, redevelopment, office lettings and subsequent sale for £94m to a US based asset manager.
Gresham Street – 70,000 square foot office scheme at 60 Gresham Street, London. Advising on site acquisition, redevelopment, office lettings and subsequent sale for £47m.
The Pinnacle – Sharī‘ah compliant
financing, construction, planning and property aspects of a high profile development of the proposed 62- storey Pinnacle, Bishopsgate, London - from 2007 to the sale of the development site in 2015.
Knightsbridge – Development of 11 Knightsbridge, London as the luxury, boutique Wellesley Hotel.
Victoria – Advising on site acquisition, redevelopment and office and retail lettings of 129 Wilton Road, Victoria, London.
Zurich InZurich Insurance –Advising on acquisitions and asset management for a £200M+ UK property fund. Includes retail, offices, distribution centres, residential.
Islamic real estate structures and finance
Our market-leading financial services, health and real estate practices attract clients who either wish to conduct Sharī‘ah compliant business or are engaged in disputes involving Islamic transactions and products.
We have dealt with various real estate transactions using murābahah, ijārah or istisnā’ structures including:
Grosvenor Place, London – acquisition and financing of this £200M+ prime office building. Financing was provided by the London branch of a major German bank and the property holding structure (ijārah agreement) and security documents enabled the acquisition and ownership to be compliant.
60 Gresham Street, City of London– initial acquisition, financing, site assembly, redevelopment, lettings and sale – with a compliant ijārah structure and funding at 70,000 square foot office scheme.
40 Gracechurch Street City of London. Sharī‘ah compliant (ijārah) acquisition and funding, redevelopment, letting and subsequent sale of 110,000 square foot office scheme.
Murābahah – dealing with a £30M murābahah funding for the construction costs of a substantial office development in central London.
Regional portfolio – we deal with a portfolio of regional office and
retail investments which are held and financed on ijārah structures.
Stratton Street, London W1 and Leman Street, City of London. £60M and £30M prime offices: acquired and financed via a compliant ijārah structure.
Our Islamic finance practice is drawn from our international offices to offer multi-jurisdictional transactional and contentious expertise. Additional examples of the group's work include:
Acting for the muwakīl in a dispute in the UK commercial court involving a default by the wakīl under a master wakālah contract.
Acting as counsel to a retākaful working group of the Malaysian Tākaful Association on the development of a retākaful contract template for Malaysian retākaful operators.
Advising a Malaysian financial institution on tākaful contract certainty and the development of a compliance programme to address underwriting issues.
Residential projects
We have a highly experienced residential development team who act for housebuilders, local authorities, public sector bodies and property companies.
With over 30 years’ experience we have an unparalleled understanding of residential property and are well regarded for both routine day-to-day work and complex advice covering the full cycle of property development.
Clients and Projects
Belgravia, London. Advising on the acquisition (including off shore corporate structures) construction and financing of a £50M residential development for a high net worth client.
Clapham Road, London. Acquisition advice for the redevelopment
of a mixed use site with retail and residential.
Wilton Road, Victoria, London. The development was completed
in phases comprising offices, retail and residential units.
Knightsbridge/West End. Acquisition, redevelopment/refurbishment and disposal of various properties in Mayfair, Knightsbridge, Chelsea and Kensington and other areas of the West End for residential development, occupation or investment: up to £28m.
One Hyde Park. Advising an overseas investor on the purchase of an apartment in the prestigious Candy & Candy Development: £26m.
Egerton Crescent. Advising on the purchase of property on
Egerton Crescent for £8m for a Russian buyer.
Cadogan Square. Sale of a property on Cadogan Square (by way of a corporate sale): £28.25m.
Kensington & Regent’s Park. Acquisitions, disposals,
refurbishment contracts and general asset management
St John’s Wood. Acquisitions of various freehold and leasehold
properties in St John's Wood for overseas investors: £600,000 to £3m.
Notting Hill. Acquisition of three townhouses (used as a hotel) for £25m for complete redevelopment as a single house, advising on SDLT mitigation.
Belgrave Square. Advising on the enfranchisement of lease circa
£25m.
Leo Baeck House. Advising on the sale on Bishops Avenue,
London, N2 on behalf of Otto Schiff Housing Association.
Holland Park. Advising on a £16m townhouse redevelopment.
Burlington Gate. Advising on the redevelopment of a townhouse
on Burlington Gate for £20m.
Residential projects
Helix Towers, Canary Wharf
Providing site acquisition and development advice for an innovative tower scheme.
The scheme, due to be completed in 2016, will feature two towers of 34 and 28 storeys comprising 397 one to three bedroom apartments with views of Poplar Wharf and Canary Wharf from a 'sky garden'. The development is being delivered through a joint venture arrangement between Essential Living and Mcdonalds Real Estate.
Bath Western Riverside
Advising Crest Nicholson in its participation in the mixed-use regeneration project in Bath, as Bath & North East Somerset Council’s preferred development partner. In collaboration with the local authority, Crest Nicholson is responsible for assembling the whole of the Bath Western Riverside site, to accommodate around 2,000 homes and 100,000m2 of mixed use commercial space.
Centenary Quay, Southampton
Advising on the first HCA-funded build to rent scheme at Centenary Quay, Woolston, Southampton.
The significant mixed use project is the first to enter the "build to rent" scheme, under which 230 homes are being built with 102 available for private rent. It will form an integral part of the riverside's regeneration that includes the development of courtyards, gardens and public squares and will bring offices, restaurants, a riverside walk, new landscaping and a Marine Employment Quarter.
Southbank University, Wandsworth
Advised Mount Anvil on the acquisition, re-development and disposal of the former Southbank University site in Wandsworth, London.
The development encompassed a combination of refurbishment and new build to create 223 new homes, 131 secure car parking spaces and 260 bicycle spaces along with a new community theatre and eight commercial units.
Real estate finance
Working closely with our Corporate Finance & Tax lawyers
Our experience includes financing acquisitions and developments, acquiring corporate entities backed by real estate, PFI / PPP and corporate borrowing through companies, limited partnerships, unit trusts and other onshore or offshore tax-efficient structures.
The team advises on financial structures, refinancing and restructuring matters and puts together facilities for large development projects and investment portfolios of all sizes.
We act for corporate clients and borrowers as well as lenders and funders and have a practical understanding of how transactions are structured and funded. This means that we can adopt a flexible and commercial approach to meet the specific concerns of all parties.
We work closely with our corporate, tax, property and construction teams across the entire spectrum of real estate finance related matters. We also advise on corporate turnaround and recovery or insolvency.
A sample of our clients include:
Clients and Projects
The Pinnacle Group of Companies. Acting for the Borrower in
connection with loan facilities in excess of £140m and related
security for the acquisition and initial development of the Pinnacle
site on London's Bishopsgate.
Allied Irish Bank. Advising in connection with loan facilities in
excess of £65m and related security for the acquisition and
development of branded hotels in and around London.
Terrace Hill. Acting for the borrower on the completion of the £27m
refinancing of Wilton Road with Alliance & Leicester (part of the
Santander group) as the new lender.
Irish Bank Resolution Corporation. Advising on their portfolio of
properties in accordance with the requirements set by Ireland’s
National Asset Management Agency (NAMA).
National Westminster Bank. Advising on the funding of the
refurbishment of Kingston University involving a complex long term
nomination and service agreement with the university.
Bank of Ireland. Advising on the restructuring of the borrower’s
£25m debt.
Caring Homes Group. Advising on refinancing and facilities from
Allied Irish Bank Bank of Ireland Bristol and West Clydesdale Bank Coutts Dunbar Assets Irish Bank Resolution
Corporation
Irish Life & Permanent KBC Bank National Westminster
Bank Royal Bank of Scotland Santander
Halifax Bank of Scotland, resulting in available financing of £160m.
Real estate funds
An integrated team on any given transaction
DAC Beachcroft's commercial real estate group has extensive experience of establishing funds and advising investors in private equity and property funds, as well as fund structure work involving onshore and offshore limited partnerships, unit trusts and investment companies and English LLPs with deals up to a value of £500m.
We advise on fund regulation, drafting the terms of the funds, dealing with management and distribution agreements, advising on fund manager remuneration, tax structuring for fund managers and investors and advising on distribution and management of funds (in all cases UK or offshore).
We have extensive experience of establishing tax and financially efficient structures for inward investment into the UK.
Clients and Projects
Thornton Investment Grade Property Unit Trust - Advising this
Isle Of Man unit trust established to invest in UK property. Work
included co-writing the offering documentation and preparing the
asset management and related agreements.
US Fund Manager - Establishing the London operation of a US
Fund Manager by way of English LLP, including obtaining FSA
authorisation.
Verulam QED LP - Advising on the establishment of Verulam QED
LP as a property acquiring entity to buy a high value distribution
facility partnership.
ABN Amro. Advising on the proposed establishment of an English
limited partnership fund.
Ealing Broadway LP. Advising London Merchant Securities plc
(with Jersey lawyers) on establishing this Jersey limited partnership
and transferring a London retail mall into it, then advising on the
sale of the limited partnership to a Schroders-advised fund.
English Property LP. Establishing an English LP structure for use
in the context of London real estate investment.
Equity Solutions Offshore Property LP. Establishing an English
limited partnership to invest in properties in the Channel Islands.
MMG Patricof/Apax Funds. Working on the structuring and
documentation of a number of Patricof and Apax funds.
Port St. George Limited Partnership. Advising on the
establishment of a fund structured as an English LP to enable
European investors to invest in a resort hotel development in the
Bahamas.
Confidential. Advising on fund structuring of various property
funds.
BAE Systems Pension Funds. Advising on the £70m acquisition
of a Jersey Property Unit Trust with a retail park portfolio.
Corporate & tax support
Benefiting from comprehensive tax and risk advice
Many real estate transactions occur via the acquisition of a company. We advise on the structuring of property investments and development through corporate vehicles and assist clients entering into joint venture arrangements. We have been involved in a number of very high profile company acquistions with property holdings comprising commercial investments, residential development land, hotels, motorway service stations, offices, agricultural land and care/nursing homes. We also advise individual purchasers of high-end residential property investments.
Key corporate and tax services:
Implementing Sharī‘ah compliant property holdings and funding structures for both investment and development properties including ijārah agreements, istisnā’ contracts and murābahah
Setting up funds, advising on fund regulation, drafting the terms of the funds, dealing with management and distribution agreements, advising on fund manager remuneration, tax structuring for fund managers and investors and advising on distribution and management of funds (in all cases UK or offshore)
Acquisitions and disposals of companies and businesses
IPOs and other securities offers, joint ventures, shareholders' agreements and other co-investment arrangements
MBOs and venture capital investments
Reorganisations, restructurings and start-ups
Advice on corporate governance, directors' duties and other company law issues
Advice to borrowers and lenders on acquiring and disposing of assets of insolvent companies; dealing with administrators, liquidators and receivers of insolvent companies
Private client matters (including trusts)
Stamp duty land tax, VAT, transfers of going concerns and capital allowances all of which are core to any property related transaction
Advice on Corporation Tax, Income Tax, National Insurance Contributions, Capital Gains Tax and Stamp Duty. We tax plan a wide range of corporate, commercial, financial, real estate and other issues in the UK
Tax aspects of corporate work including acquisitions, disposals, management buy-outs, commercial agreements, shareholder agreements and shareholder disputes.
Clients and Projects
Deutsche Post AG. Advising on structuring of joint venture arrangements in relation to the largest urban regeneration project in Europe at Kings Cross, London
Arab Investments. Advising on VAT, Capital Allowances and SDLT on acquisitions, disposals and lettings in relation to its portfolio of investment properties and Islamic finance compliant arrangements
Zurich Insurance Property Fund. Advising on tax aspects on all acquisition and management aspects of its portfolio
Derwent Housing. Advising this social housing provider with in excess of £300 million assets in connection with SDLT matters and mitigation structures on its disposals and collaborative and urban regeneration projects
High Net Worth clients. Advising on off-shore corporate structures and their tax implications.
Asset management
Specialist expertise
DAC Beachcroft has a leading asset management team with over 40 specialist lawyers based in London, Bristol, Manchester and Leeds advising landlords and investors across a number of sectors to maximise the letting potential and capital value of their property portfolios.
We work with clients and their professional advisors to help maximise the performance of their real estate assets by giving strategic as well as practical legal advice. We pride ourselves on being proactive and providing pragmatic, cost effective solutions.
Areas of advice include:
preparation, negotiation and completion of new leases
lease renewals
rent deposit and guarantee documentation
deeds of variation and surrender
tenancies at will, franchise and concession agreements
mall commercialisation agreements.
tenant relocations
lease variations and re-gears
vacant possession strategies
determination of tenancies
insolvency
dilapidations
forfeiture
debt recovery
breaches of covenant
1954 Act lease renewals
Clients and Projects
Westfield. Advising on the letting of Westfield London, comprising over 320 retail units in space occupying over 1m square feet, and Westfield Stratford, the largest shopping centre in Europe at 1.9m sq ft, including 300 shops, 70 restaurants, a 14-screen cinema, three hotels, a bowling alley and the UK’s largest casino
Lend Lease. Asset management of two major retail and leisure centres, Bluewater in Kent & Solihull's Touchwood Shopping centre
Arab Investments. Advising on the asset management of their £1bn UK portfolio including hotels, luxury apartment blocks, retail units and1.4m square feet of office developments in the City and West End
Zurich Insurance UK Property Fund. Asset management aspects of their substantial portfolio comprising offices, retail, distribution centres, and residential
Hermes Real Estate Investment Management. Advising on asset management issues in relation to a portfolio of five factory outlet centres comprising over 350 shops
How we work with clients
The right expertise
Our service is always tailored to our clients' requirements and we support their legal team and senior management at both an operational and strategic level.
A dedicated DAC Beachcroft team will be carefully selected to ensure the right mix of expertise and the right balance of experience, to ensure clients receive the highest quality of advice in the most cost efficient manner. We:
Have the right team, who will be fully trained in each client's preferred approach to handling matters
Develop and maintain a strong, positive working relationship with
client teams and understand their objectives and requirements
Provide commercial, pragmatic and timely advice
Ensure a “no surprises” service on costs
Meet clients at regular intervals to discuss their needs, review our
performance and identify any issues at an early stage.
Working with our partners abroad
Our approach to how we work with international clients looking to invest and operate in London is based around our understanding of the market and our clients’ specific requirements.
Quality control is fundamental: you will work with excellent local
lawyers whom you trust and who have experience of working with international clients.
All matters are actively monitored by the appropriate partner in
London. This ensures that the firm's quality standards are being consistently applied and that we are operating in accordance with your expectations.
We manage client relationships in a fully integrated manner and
provide a consistent quality of service, keeping you updated through the process by regularly reporting on the progress of transactions and on any issues that may arise.
We focus on your business and commercial imperatives.
We provide advice and reports in an easy to understand format (to
include an executive summary of main issues in all cases).
We give our clients access to our wide network of local contacts to
assist on specific requirements and needs (e.g. funding, corporate services, surveying, valuations).
We are transparent, competitive and communicative on fees.
Glenn advises lenders and borrowers on a wide range of real estate financing transactions including investment and development facilities as well as refinancing and restructuring of existing facilities.
Glenn also deals in all aspects of commercial property acting for private property companies, consortiums, funds and high net worth individuals with his experience extending to commercial and residential development including acquisitions, funding construction, lettings and disposals.
Glenn Ruddy Partner Tel: +44 (0) 20 7894 6438 [email protected]
Andrew is a senior commercial real estate lawyer, specialising in development and investment work. His expertise includes advising on investment portfolios (sale, purchase and management); landlord and tenant matters, and the development of commercial and residential mixed use sites, including negotiation of options, sale and development agreements and overage agreements.
Andrew was the lead lawyer advising on all aspects of the development of the 62-storey Pinnacle in the city of London from site acquisition in 2007 to 2015 when the development site was sold.
Andrew Boulton Partner Tel: +44 (0) 20 7894 6464 aboulton:dacbeachcroft.com
Key contacts
Sakis deals with all aspects of commercial property work including acquisitions, disposals, lettings, landlord and tenant. He regularly advises developers, investors, banks, landlords and tenant institutions and funds. Sakis has dealt with all types of property assets including retail, office, hotel, leisure, agricultural and industrial. Sakis leads the property corporate support team, providing support to our corporate services, financial services and banking teams. He has been involved in the property aspect of a number of large corporate and banking transactions involving care homes and nurseries, motorway service stations, office buildings, hotels, government buildings and agricultural land.
Sakis Tombolis Partner
David specialises in company/commercial law including M&A and corporate finance. He has extensive experience in a broad range of work including mergers and acquisitions, joint ventures, funds, collective investment schemes and reorganisations (with a particular specialisation and focus in real estate matters). He advises on all corporate aspects of property structures and investments. David has advised on the corporate and funding aspects of the King's Cross property development for Deutsche Post and of the Pinnacle tower development in the City of London. Additionally, he has advised on acquisitions and disposals of property SPVs, both UK and offshore, ranging in transaction size from £2m to £200m, including the recent £94m corporate sale of the offshore vehicle owning the commercial property at 40 Gracechurch Street in the City of London to Cornerstone Real Estate Advisors a US based asset manager.
He is ‘particularly recommended’ in Legal 500.
David Manifould Partner Tel: +44 (0) 20 7894 6996
Sakis Tombolis Partner Tel: +44 (0) 20 7894 6682 [email protected]