Womble Bond Dickinson (WBD) has advised Places for People Group Limited (PfP) on a £160m asset sale for the disposals of a portfolio of stabilised private residential stock.
Universities Superannuation Scheme (USS) and PfP entered into a joint venture agreement to invest in the UK private rented sector (PRS). USS will provide the core funding for the partnership whilst PfP Capital will act as Asset Manager, with Touchstone, managing the portfolio on a day-to-day basis.
The joint venture acquired a seed portfolio of residential assets from PfP, which WBD advised on. The portfolio consisted of around 1,500 properties. The sale involved standalone properties and pepper-potted assets within larger holdings and the assets will be used to further capital raising and acquisitions.
WBD's real estate team used innovative data room technology to assist the investor and its advisers in their due diligence of the portfolio.
The transaction was led by John Ralph, Head of Real Estate at Womble Bond Dickinson who was assisted by John Booth, Managing Associate in Developers & Investors and Ian Hellawell, Associate in Real Estate.
John Ralph commented:
"We are delighted to have worked with the team at Places for People on another significant transaction. It is great to see the collaboration between our respective teams, with special mention to John Booth and Ian Hellawell of WBD and Danny Wilson of PfP, for their efforts throughout. Our team were able to deliver solutions which tackled the challenges of the transaction."
Tim Weightman, Places for People Group, said:
"We are delighted to have completed this significant portfolio disposal which provides further working capital to Places for People Homes Limited to pursue its market leading place making programme across the UK. It has been a pleasure working with WBD and we have been really impressed with the combination of specialist knowledge, practical advice and technological solutions brought to bear throughout this transaction."
WBD previously advised PfP Homes Limited on a portfolio which involved a sale and leaseback with a sale value of £250m.