LG, Simmons act on first UK residential REIT
Lawrence Graham (LG) and Simmons & Simmons have landed key roles on the launch of the UK's first residential real estate investment trust (REIT). The pair are advising GCP Student Living, which is currently seeking seed capital from investors to fund a property portfolio that it intends to grow to £500m over the next five years.
April 25, 2013 at 07:03 PM
2 minute read
Lawrence Graham (LG) and Simmons & Simmons have landed key roles on the launch of the UK's first residential real estate investment trust (REIT).
The pair are advising GCP Student Living, which is currently seeking seed capital from investors to fund a property portfolio that it intends to grow to £500m over the next five years.
As part of the process, GCP, which focuses on London student accommodation, plans to list on the Specialist Fund Market of the London Stock Exchange as well as the Channel Islands Stock Exchange. The move would make it the first education-focused property company to list on the stock market for a decade.
LG is advising new client GCP with a team including corporate partners Oliver Riley and Michael Lacey and tax partner Elliot Weston.
Simmons is advising the accommodation provider on real estate and banking aspects of the deal, with real estate finance partner Simon Kildahl leading.
Meanwhile, Stephenson Harwood head of funds and financial services William Saunders is advising financial adviser and broker Cenkos Securities.
Riley said: "We are currently advising a number of clients who are considering launching REITs but we don't expect there to be more than a handful of new launches given market conditions."
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