Transatlantic law firm, Womble Bond Dickinson (WBD), has advised GRIP REIT plc (Grainger plc’s GRIP REIT joint venture with APG), on the forward funding of a major build-to-rent development project which will be developed by the National Regional Property Group (NRPG).
This build-to-rent project will be a positive investment to Southampton City Centre. The £27m development will feature a range of contemporary one and two bedroom apartments which are being built specifically for the rental market. The development will be Southampton’s second build-to-rent scheme.
GRIP REIT is a private rented sector (PRS) investment vehicle focused on PRS investments in London and the South East and is 25 per cent owned by Grainger and 75 per cent owned by APG. Grainger is the property, asset and development manager for the REIT.
Tom Willows, Partner in the Real Estate team at Womble Bond Dickinson, led on the transaction which involved negotiation of the land and forward-funding development agreements. His team advised GRIP on real estate; construction; planning; tax and property litigation matters.
The team included; Dale Armstrong, Associate in Real Estate; Ian Atkinson, Partner in Construction; Julie Boakes, Associate in Construction; Kate Ashworth, Associate in Planning; Lee Parbery, Associate in Tax; and Thomas Holdaway, Associate in Property Litigation.
Tom said: “We’re delighted to have advised on this significant build to rent project. The £27m development will be Southampton’s second build-to-rent development and I am proud that our cross and multi-disciplinary build to rent team here at Womble Bond Dickinson were involved in making it happen. GRIP is one of our long standing clients and we look forward to working with them on more exciting projects in the future.”
Andrew Saunderson, Grainger’s Director of Investment, said: “The East Street development is an exciting project for us with Southampton being one of our key target locations. Womble Bond Dickinson’s advice and support has been very welcome in helping us complete on this deal.”
Ranking in the UK’s top 20 law firms, Womble Bond Dickinson provides legal expertise in eleven key sectors from across eight offices in the UK and 19 offices in the US. It is amongst the largest law firms in Southampton where it employs more than 150 staff.