A cross-practice team from Addleshaw Goddard has advised key client Dandara on the sale of a portfolio of UK Build to Rent assets to German investor ECE.
The portfolio comprises over 2,000 units across three developments; Aston Place in Birmingham, Leodis Square in Leeds and Chapel Wharf in Manchester. The portfolio will be acquired by ECE in phased stages, with the sale of Aston Place having completed in late February and the latter two assets targeting completion later this year. Dandara will continue to act as property manager in respect the assets following completion of the sale.
The AG team included members of the firm's Investment Management, Real Estate, Construction, Finance and Tax teams and was led by Partner Lee Sheldon and Legal Director Liam Diggins (Investment Management), Partner Peter Hardy and Managing Associate Kathryn Green (Real Estate) and Partner Luke Baines and Associate Sam Comer (Construction).
Lee Sheldon commented: "We are absolutely delighted to have advised Dandara on this landmark transaction. We have been proud to advise Dandara on the full life cycle of this portfolio – from the initial structuring and establishment, the site acquisitions, the development financing, the real estate, construction and planning aspects of the developments themselves, followed finally by the sale. It is a great example of our ability to deliver a seamless "cradle to grave" service to our clients across a number of different specialisms."
Liam Diggins commented: "This transaction highlights the continued maturing and attractiveness of the Build to Rent sector, with an ever increasing allocation to it by institutional investors. We continue to advise a number of clients in this space and the transaction is demonstrative our deep knowledge and expertise of this market."
Following the sale, AG continues to advise Dandara on its pipeline of circa. 2,500 new units across the UK.