Tim Webb

Advising The Guinness Partnership on the c.£110m sale to institutional investor Longharbour of Riverstone Heights, Leaside Lock, Bromley-by-Bow, London comprising a 28 storey BTR product and commercial investment, in the course of development by way of forward commitment. The tower sits within a common podium structure supporting two further residential towers either side. This threw up a wealth of challenging considerations for both Guinness and Longharbour relating to building risk, maintenance, repair and insurance. The transaction represented Guinness’ first institutionally packaged BTR sale. Shortlisted finalist for Property Week PRS Deal of the Year 2023.

Advising Packaged Living on its partnering with Aviva Investors to create a circa £1 billion value Single-Family Rental platform. Shortlisted finalist for Property Week PRS Deal of the Year 2023.

Advising Avanton on the purchase, financing and development of the Carpetright site Old Kent Road London, for the c.£130million+ development of 260+ homes (comprising part of Avanton's £950m+ Ruby Triangle development area).

Advising a Patrizia AG fund on the purchase of c.£95m GDV Edgbaston Residencies, Birmingham, for the development of circa 375 residential units and 20,000sq ft. retail, through a share purchase of the holdco and the simultaneous: (a) purchase by holdco from Warwickshire Cricket Club and Homes England of a 250yr lease; (b) the letting by holdco of a c.£60m Building Contract; and (c) a currency hedge in holdco immediately its shares were purchased (but before consideration for those shares was paid).

Advising a Patrizia AG fund on the c.£45m purchase from Fairview Homes of 102 residential units for BTR use in a single building at Regency Heights, Ealing, West London, together with purchase finance and security documentation. Transaction involved a private network heat supply agreement for the building; planning indemnities to address delays to site-wide planning discharges (C-19 and otherwise related), complex phased purchase of the units in tranches (whilst contractor was concluding balance works); repurposing Fairview’s suite of procurement trade contracts and professional appointments so as to be suitable for an institutional purchaser; and a parent guarantees to synthesize the more usual contractor warranty scenario. Fairview had not appointed a contractor but built ‘in-house’ appointing specialist sub-contractors.

Advising Institutional Pan-European Investment Manager on a dispute with its European JV partner in respect of the ownership of a c.£125m retail destination in Poland. The JV partner exercised an option to purchase our client’s 50% stake just days before lockdown in March 2020 but then immediately sought to revoke it. The ownership documents were a complex blend of English and Polish law. We advised our client’s European and Global Boards in connection with all commercial issues arising from the exercise of the option in preparation for an arbitration of the dispute, whilst the parties sought to settle by executing a restructure of the ownership. This involved detailed advice regarding the real estate, tax implications around settlement solutions, revisiting the terms of the JV, and ultimately avoiding arbitration and papering a settlement.

Advising a Miami based PropCo on its £160m purchase of iconic offices Vintners Place, City of London.

Advising Caisson IO on the establishment of a JV with Barwood Capital. Its focus is on investment in UK Light Industrial property. The 50/50 JV included an unusual pooling of fee arrangements arising from regulatory, investment and asset management. A JV Board has full oversight and approval of all investment decisions.

Advising a Patrizia AG fund on the c.£110m purchase from Berkeley Homes, a multi-phased BTR development at Huntley Wharf, Reading. This was Berkeley Homes’ first direct sale of BTR product into the institutional market. Hugely complex sale/purchase structure involving a forward purchase by Patrizia of shares in 4 entities (which were themselves the subject of an internal Berkeley forward funding structure for the purchase and development of 4 residential blocks sitting over a common podium structure) by way of phased completions as each block practically completes.

Advising Highbridge Properties Plc on its £450m data centre development in the UK North East, involving the funding, development, letting and facilities management of one of the UK's (then) largest such developments. Advised on the 10 year, multi-data-hall Facilities Management Agreement with Norland, refinancing, equity restructuring, co-location arrangements and energy and data infrastructure agreements including construction and laying of c.10 miles data cabling to the UK coastal portal of a transatlantic data route.

Advising a UK PropCo/Listed Developer JV on the purchase and structuring for development of c.19 acres of brownfield land on the Greenwich Peninsula for an £800m+ mixed use strategic regeneration.

Advising Rockspring Property Investment Managers, on behalf of TransEuropean VI LLP, on the purchase of a PRS development site (total development cost of c.£55m) known as The Forum, Pershore Street, Birmingham with JV partner Atlas Residential.

Advising a New York Private Equity Investor on its JV in relation to the £140m conversion of a former bank headquarters in the City of London into a new members club and hotel.

Advising a US Private Equity Investor on a Development and Asset Management Agreement for the development of a huge residential tower in Warsaw, Poland including complex management fee payment provisions linking back to the Joint Venture Agreement, including payment by way of the allocation of shares.

Advising a UK PropCo on all aspects of the purchase, residential redevelopment and subsequent sale (of part) of a c.£85m GDV strategic brownfield site in Greenwich. Our client flipped the majority of the site to a homebuilder with the benefit of planning which funded the construction of homes by our client on the retained land.

Advising a New York based Hospitality Group on bringing its iconic bowling concept to London’s O2 (Rolling Stone describes the client as "one of the most incredible places on earth"). Structured a 50/50 JV with the Landlord who then granted a lease to the JV. Equity, junior and senior debt injected by each party; additional mezzanine debt inputted by Landlord that earned a priority return. We need to preserve our client’s IP rights utilized by the JV.