BLP secures top role opposite A&O on E1bn property investment mandate
Berwin Leighton Paisner (BLP) has secured a role advising fund management and property development group Letterstone on a €1bn (£808m) property investment venture with Starr International.Corporate partner Tim Simmonds headed the team advising the London-based fund manager on the deal.
April 23, 2008 at 10:35 PM
2 minute read
Berwin Leighton Paisner (BLP) has secured a role advising fund management and property development group Letterstone on a €1bn (£808m) property investment venture with Starr International.
Corporate partner Tim Simmonds headed the team advising the London-based fund manager on the deal.
The top 20 City law firm advised opposite Allen & Overy (A&O), which acted for US private investment company Starr.
The magic circle firm won the instruction for Starr – a company founded by ex-AIG chief executive Hank Greenberg – through an instruction from its New York office.
London real estate partner Robert Porter took the lead role for A&O with senior associates Peter Armstrong and Catherine Taddei and associate Christopher Woolfe assisting.
The agreement will see new Netherlands-based investment company LS Real Estate Ventures investing in Eastern European property developments. The company will invest in land and existing properties in Hungary, Slovakia and Romania that it considers to have redevelopment potential, with the intention of getting a return of at least 20% on its investment.
Simmonds said: "The venture is a testament to both Letterstone's success in Eastern Europe and the long-term experience that Starr has in investing in markets."
Porter told Legal Week: "This is an exciting investment opportunity to access new markets and to work with local expertise."
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