Global law firm Ashurst is advising Lendlease on the formation of a significant 50/50 joint venture with The Crown Estate, marking a major milestone in the delivery of sustainable urban regeneration projects across London and Birmingham.
The transaction, which is subject to certain conditions precedent, involves the sale of six of Lendlease’s UK development projects into the joint venture which will drive the delivery of approximately 26,000 new residential dwellings and more than 900,000 square metres of prime sustainable office and life sciences space.
The joint venture will leverage the combined expertise of Lendlease and The Crown Estate to unlock value within high-quality UK development assets, accelerate planning and project delivery, and provide much-needed housing and commercial space for Greater London and its residents.
Commenting on the transaction, real estate partner Chris Benbow said, "We are delighted to have supported long-standing client Lendlease on this landmark joint venture with The Crown Estate. This transaction represents a significant step forward in the delivery of sustainable, city-shaping projects in the UK, and demonstrates the value of innovative partnerships between the public and private sectors. Our team is incredibly proud to have played a role in helping Lendlease achieve its strategic objectives and this reinforces our market leading credentials in advising on complex, strategically significant real estate joint ventures."
Relationship partner, Logan Mair, commented: "This is a landmark deal in the real estate sector which is one of Ashurst's areas of strategic focus both in the UK and globally. It further enhances our relationship with Lendlease, as this is our second major transaction with them in a matter of months, following on from the sale of Lendlease Construction to Atlas Holdings. We are delighted to be assisting Lendlease with its group simplification and capital recycling initiatives by undertaking important transactions of this nature."
The Ashurst team was led by real estate partner Chris Benbow together with Lendlease relationship partner Logan Mair, corporate partner Francesca Downes and Tax partner Nick Gardner.