Advising APG on New £1.4bn Joint Venture

08 Apr 2016

International law firm Simmons & Simmons has advised APG, one of Europe’s largest pension fund asset managers, on the merger of the Elephant & Castle and “East Village” residential projects to create a £1.4bn joint venture with Delancey and Qatari Diar in the UK’s private rented market.

In 2013, Simmons & Simmons advised APG on the residential investment joint venture entered into with property investor, Delancey, to deliver the new Elephant & Castle town centre project. The merger of the two private rented schemes will, upon completion, create an equal partnership between the founding investors behind the enterprises.‎

Commenting on the transaction, corporate partner Gideon Sharp said: "It was a pleasure to continue to work with the APG team on this complex landmark deal. We are proud to have helped APG achieve its next strategic milestone as it continues to grow its investments in the UK property market. This transaction showcased the firm’s strength in the asset management and real estate sectors and combined specialist expertise from across our practice areas."

The Simmons & Simmons team was led by corporate partners Gideon Sharp and Jason Daniel and real estate partner Ali Crosthwaite, supported by Danielle Di Pietro, Tom Fricke, Annabel Stark (corporate), Mark Saunders, Gunraj Arora (real estate), Christian Silk (planning), Steve McNab, Sarah-Jane Denton, Patrick Timmins (environment), Kim Fowler (construction), Nick Cronkshaw, Elizabeth Keaveny (tax), Peter Broadhurst, Douglas Cadbury (competition), Cara Sykes, Tariq Hameed and William Greig (banking), Michele Balfe (Employment), Sarwar Zaman, Edward Smith (Pensions & Incentives), Charlotte Reeson (ICT), Jack Simmons (IP), Cherie Spinks and Stephen Gentle (Litigation).

Completion of ‎the transaction remains subject to competition clearance. 

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