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Burges Salmon LLP

Living Wage
ONE GLASS WHARF, BRISTOL, BS2 0ZX, ENGLAND
Tel:
Work 0117 939 2000
Fax:
Fax 0117 902 4400
DX:
7829 BRISTOL
Email:
Web:
www.burges-salmon.com
Bristol, London

Richard Read

Tel:
Work 0117 902 2797
Email:
Burges Salmon LLP

Work Department

Real Estate.

Position

Head of real estate investment. Acts for international and UK clients on their UK real estate requirements. Clients include international investment funds, on and off-shore investment companies and global corporates. He has a wide range of experience from City offices to industrial portfolio management and retail and leisure development. Rick is also head of the firm’s hotels, leisure and tourism practice group, and has significant experience in student accommodation projects. He is on the firm’s international committee.

Career

Trained Norton Rose; qualified 2000; solicitor Burges Salmon 2000-03, associate 2003-07; partner 2007.

Member

Law Society.

Education

Attended Winchester College; Exeter University (Law 2.1); College of Law, Guildford.

Leisure

Golf, skiing.


London: Real estate

Commercial property

Within: Commercial property

The team at Burges Salmon LLP provides ‘technically sound and commercially astute advice’ and is ‘able to leverage and smoothly coordinate its vast experience in supporting disciplines, such as tax, which are integral to a real estate deal’. Of particular note, Philip Beer is advising the GLA on its development arrangements with ABP for the creation of a new business district at Royal Albert Dock. The team also has a longstanding reputation in Bristol, where Ross Polkinghorne is acting for Change Real Estate in relation to the 600,000 ft urban regeneration project at Redcliffe Quarter. Richard Read leads the firm’s real estate investment practice and has been involved in a number of portfolio transactions and major asset management mandates in the hotel and leisure sector. Cross-departmental head Richard Clark advised Aerium Finance on the £51m acquisition from Legal & General of units in a JPUT owning property in Cardiff; this matter was funded through conventional and Islamic finance structures. Colin Ligman heads the broader real estate group, which includes senior associate Drew Nesbitt, who is ‘instrumental in strategic investment and letting transactions’.

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South West: Real estate

Commercial property: Bristol

Within: Leading individuals

Richard Read - Burges Salmon LLP

Within: Commercial property: Bristol

Burges Salmon LLP is widely regarded as one of ‘the best legal firms in the region’ and ‘compares very well to the more expensive Magic Circle firms’. The team, which is split into specialist sub-groups, is regularly involved in major development projects, strategic land deals and procurement, infrastructure property mandates and investment transactions. Richard Clark heads the cross-department real estate sector group and advised Aerium Finance on its acquisition of units in a Jersey Property Unit Trust (JPUT), which was financed by Deutsche Pfandbriefbank and an ultra-high-net-worth shari’ah investor. The development practice is headed by the ‘invaluableRoss Polkinghorne, who is advising Change Real Estate on all real estate aspects of the £200m mixed-use regeneration project at Redcliff Quarter in Bristol. Similarly, Philip Beer is acting for the Greater London Authority in relation to its development partner arrangements with a Chinese developer for the £1.7bn regeneration project at Royal Albert Dock in east London. Richard Read, who leads the property investment group, assisted Virgin Active with the disposal of 16 health and racquet clubs to David Lloyd Leisure. Colin Ligman heads the wider real estate department, which includes Euan Bremner and senior associate Drew Nesbitt.

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Legal Developments by:
Burges Salmon LLP

  • Restoring environmental damage: putting a price on ecosystem services

    On 7 August 2009 a 40-inch pipeline ruptured, spilling 5,400 cubic metres of crude oil into the soil and groundwater of La Crau nature reserve in southern France, a habitat protected under French and European law. The operator had to excavate and replace 60,000 tons of soil, install 70 wells to pump and treat groundwater and 25 pumps to skim oil from surface water, at a cost in the region of €50m. However, this was just the primary remediation (that is, restoring the site to the state it would have been if the damage had not occurred). The operator was also required to compensate for the damage to the habitats and the loss of the ecosystem services that would otherwise have been provided by La Crau nature reserve. Measures included purchasing land outside of the nature reserve and contributing to its management for a period of 30 years (over €1m), monitoring the water table for 20 years (over €500,000), monitoring fauna over three years (€150,000) and rehabilitation in accordance with best available ecological techniques (nearly €2m). Overall, the compensatory restoration (to compensate for the amount of time that the ecosystem was impacted) and complimentary restoration (to compensate for elements of the ecosystem that had been permanently lost) came to more than €6.5m. 

    - Burges Salmon LLP

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