Global law firm K&L Gates has advised PATRIZIA AG on two recent UK real estate acquisitions, both focused on the build-to-rent (BTR) sector.
A leading partner for global real assets with operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 36 years. PATRIZIA manages more than EUR 46 billion in assets and employs over 800 professionals at 24 locations worldwide.
K&L Gates advised PATRIZIA on the purchase of a 16 storey, 102-unit BTR residential tower development in west London, United Kingdom, for EUR 45 million (GBP 40.3 million). This transaction increased PATRIZIA’s managed assets to over EUR 12.7 billion in the residential sector. Once completed this spring, the 6,800 sqm tower, which is part of the Regency Heights development in Park Royal, will include a mix of high-quality one-, two-, and three-bedroom apartments across 16 floors on the edge of one of London’s biggest regeneration zones.
K&L Gates has also advised PATRIZIA on the acquisition of “The Residences” BTR scheme in the Edgbaston district of central Birmingham. PATRIZIA bought the site, which is adjacent to the iconic Edgbaston Cricket Ground, from Warwickshire Cricket Club and Homes England. With a gross development value of £90 million, the project is situated in a core residential area of Birmingham, and provides 375 high-quality apartments with approximately 20,000 sq ft of retail and leisure space on the ground floor.
The K&L Gates team advising PATRIZIA on the acquisitions was led by real estate partner Tim Webb, who was supported by partner Richard Dollimore and associate Emma Cooper (corporate), partner Emma Maher, associate Chris Swallow and trainee James Jago (real estate), special counsel Michael Anderson (finance), partner Kevin Greene (construction), partner Feroze Abbas and associate Rebecca Daniels (planning), and partner Giles Bavister (real estate tax).
Phil Irons, Managing Director, Transactions, of PATRIZIA UK, commented: “These were key purchases for PATRIZIA in a key market sector. The deals were complex with tight deadlines. We chose to work with K&L Gates because we know Tim Webb. Tim has a great reputation, a highly focused team, and unfailingly pulls out all the stops.”
Webb stated: “With transaction volumes across the market hit by Covid, it has been a pleasure to work with PATRIZIA on these significant transactions. The residential sector is key to the real estate industry and to the broader economy, and is a priority area for Government policy.”