Real estate funds in London

Allen & Overy LLP

Allen & Overy LLP maintains an active practice on behalf of major institutional fund managers, for whom it advises on operational issues and secondary investments of existing funds. It has also advised on launches of new distressed asset funds during the Covid-19 pandemic. Elsewhere, the firm has an active investor-side practice, and it advises international financial institutions on capital commitments and fund strategies. The team is led by Matthew Huggett, who acts for fund clients on high-value capital raisings and investments. Nick Williams works with major institutional managers on capital raisings and major joint ventures. Paul Sampson undertakes a mix of sponsor and investor-side mandates. Dominic Von Wulffen has notable regulatory expertise, including AIMFD structuring, while senior associate Emma Danforth has a growing practice handling club deals, joint ventures and fund-of-fund arrangements.

Practice head(s):

Matthew Huggett

Other key lawyers:

Paul Sampson; Nick Williams; Dominic von Wulffen; Emma Danforth


I really enjoy working with the A&O team – they are professional but friendly and ultimately the standard of work is always high.

Dominic and Matt have provided top-drawer client service and engagement.

Dominic Von Wulffen – always on top of matters, quick off the mark and truly reliable.

Key clients

Nuveen Real Estate


Aviva Investors


Cairn Capital

International Finance Corporation

Electra Private Equity


Meyer Bergman




Cain International


Clifford Chance LLP

Clifford Chance LLP handles large-scale fund formation mandates for top institutional fund managers, including equity and debt funds, and has further expanded its share of open-ended vehicles, handling fund structuring, regulatory issues and downstream investments. The team is led by the vastly experienced Nigel Hatfield, who is a trusted adviser to many high-profile fund clients on routine fund formations, alongside innovative structures, such as funds of funds, and investor-side work. Gerard Saviola is noted for his cross-border work and expertise in real estate debt funds. Alexander Chester advises on blind pool funds, secondary transactions and GP-led restructurings. Senior associate Lily Marcel plays a key role in investor and sponsor-side mandates, including fund formations and investments. Another name to note is Jonathan Bray, who was promoted to partner in early 2021.

Practice head(s):

Nigel Hatfield

Other key lawyers:

Gerard Saviola; Alexander Chester; Lily Marcel; Jonathan Bray


Excellent partners and London team. Very responsive and on top of the market.’

Alex Chester – a great lawyer providing honest advice.’

Key clients

Macquarie GLL

DRC Capital


M&G Investment Management

Hillwood Investment Properties

CBRE Global Investors

Work highlights

  • Advising M&G Investment Management on the continued fundraising of their flagship real estate debt funds.
  • Advising DRC Capital on its full range of real estate debt products.
  • Advising Macquarie Infrastructure and Real Assets on its European real estate fund mandates.


CMS has a broad offering across the real estate space, advising leading funds and asset managers on large-scale formations and investments in key asset classes. Of particular note are the firm's cross-border capabilities, with the team handling joint ventures and structured real estate transactions for international clients on a global basis. The team is led by Amanda Howard, who advises top-level clients on an array of big-ticket transactions and raisings. Darren Stolzenberg works with open and closed-ended funds throughout their lifecycle, as well as advising on corporate acquisitions and co-investments, with a particular focus on UK and European funds. Victoria Henry advises both investors and managers on the structuring and establishment of joint ventures and major transactions, including work with REITs. Christopher Luck is a strong performer in the REIT space, while Colin Lawrie specialises in partnership structures. Patrick Groves and Justin Coaley were promoted to partner in May 2021, focusing on funds advisory and transactional matters respectively.

Practice head(s):

Amanda Howard

Other key lawyers:

Darren Stolzenberg; Victoria Henry; Christopher Luck; Colin Lawrie; Patrick Groves; Justin Coaley


We think Patrick Groves, who we were first introduced to in 2020, has been excellent, and merits his recent promotion to partner. He has communicated well, been diligent, has followed-up when necessary and has been a good adviser.

The CMS team keep the complex things simple. They distill complex concepts into as few words as possible in the documents. They send the bills when the say they will. They make themselves available when you need them. They are a pleasure to deal with.

Patrick Groves is a stand out lawyer. He’s patient, thoughtful and succinct, both in his interactions with you and his legal drafting. He can take a complex problem apart, suggest a way to deal with it, listen carefully to your opinion, and work collaboratively with you to agree a way forward. A rare beast indeed, and its easy to see why he has been made a partner at CMS.

it was an important transaction, done quickly and commercially and in a team spirited way. It was also helpful to work with a firm with a European presence for a European project.

Key clients

Aberdeen Standard Investments



Aviva Investors

DTZ Investors

Edmond de Rothschild REIM

Franklin Templeton



Principal Global Investors


Savills IM

Schroder REIM

Scottish National Investment Bank

Sequoia Capital

Tristan Capital Partners

UBS Asset Management

Volcap Real Estate


Goodwin is highly active in the private equity real estate arena, with it raising a number of funds on behalf of top institutional fund managers such as NREP and Ares. Its team’s expertise includes high-value core, value-add and opportunistic funds investing across the full range of real estate assets, with heavy involvement from European and US investors. The group’s multijurisdictional regulatory and tax expertise is also notable. Samantha Lake Coghlan, who remains prolific in fund formations for the firm’s longstanding clients, co-heads the practice with Justin Cornelius, who has further developed the team’s client portfolio since his arrival from Bryan Cave Leighton Paisner LLP in mid-2020. David Evans specialises in pan-European fund structuring and investments, while another senior associate to note is Bhargavi Mudakavi, who advises sponsors and investors on private equity and debt real estate fund formations and joint ventures.

Practice head(s):

Samantha Lake Coghlan; Justin Cornelius

Other key lawyers:

David Evans; Bhargavi Mudakavi


The firm has a deep knowledge of fund structuring and so can bring a helpful insight to trends and market norms in this area.

We have a huge amount of confidence in Justin and he has supported us and delivered for us consistently for over a decade.

Highly competent team with deep legal knowledge and good commercial understanding.

Samantha Lake Coghlan is also a excellent, competent and commercial and balanced negotiator and is legal technical superior to other counsels.

Key clients




Kennedy Wilson

Slate Asset Management

Cromwell Property

Ares Management



Clearbell Capital

Work highlights

  • Advised pan-Nordic real estate investment manager NREP on the establishment of its multi-strategy real estate fund, NSF IV, which has raised €1.9bn.
  • Advising Frogmore on the formation and fundraising of Frogmore Real Estate Partners IV, L.P. their fourth value-add and opportunistic fund targeting investments in the UK.
  • Advised specialist student accommodation operator Generation Partners on the formation of a programmatic joint venture with the Ares-managed Ares European Property Enhancement Partners III fund.

Greenberg Traurig, LLP

Greenberg Traurig, LLP is a first port of call for many major real estate fund managers, including international asset managers, investment banks and institutions such as pension funds. Its team has extensive expertise in the entire lifecycle of funds, including formation and fundraising, downstream investments and sales of stakes in funds. The funds team works closely with its specialist funds tax practice, enabling it to handle complex issues relating to the structuring of investment vehicles and transactions. Practice head Steven Cowins regularly advises on fundraisings, joint ventures and M&A across the real estate sector, with a particular focus on private equity real estate. Marc Snell has expertise in joint ventures and club deals, while senior associate Kate Phillips is heavily involved in real estate investment management. Fellow associate Tom Dear is also a key member of the team, while Ben Eaton contributes heavily to the practice's tax expertise.

Practice head(s):

Steven Cowins

Other key lawyers:

Marc Snell; Kate Phillips; Tom Dear; Ben Eaton


GT are extremely commercial by comparison to other law firms which is hugely needed to get the investments across the line and closed. They take a collaborative approach with the counterparties involved to get a head of issues early so that there are no surprises in at a more crucial time in execution.’

Knowledge backed up with examples. Innovative solutions. Practical advice.

Steve Cowins has been a pleasure to work with over the years, he will go out of his way to ensure all parties are on the same page. Steve does a great job building relationships and trust across the firm at all levels.

A well rounded team that provide clear and high quality structuring advice.

Steven Cowins is remarkably well-connected, technically sound and user-friendly individual. He is vital to the successful outcome of our projects.

A highly skilled and dedicated team that focuses on momentum and solutions. Also a pleasure to work with.

Key clients

AEW Europe

British Airways Pension Fund

Crosstree Real Estate Partners

Edmond de Rothschild

Europa Capital

Hines Europe


M3 Capital Partners


Paloma Capital


Précis Capital


Rialto Capital

Tristan Capital

Valor Real Estate Partners


Work highlights

  • Advising AEW Europe on its second pan-European value add fund targeting €500m of commitments.
  • Advising Europa Capital on its first institutionally open-ended core fund targeting €2bn.
  • Advised Paloma Capital on its £500m GP-led secondary with a cornerstone investor.

Linklaters LLP

Linklaters LLP acts for market-leading European players in the private equity real estate space, handling large-scale fundraisings, regulatory issues and wider advisory matters. Practice head Matthew Keogh advises sponsors and cornerstone institutional investors on open and closed-ended fund formation mandates across a variety of strategies. Rahul Manvatkar is active in fundraisings and he also has a strong record in investment management work, advising on managed accounts, co-investments and carried interest arrangements. Clare Baker was promoted to partner in mid-2021, and leads the firm's investor-side practice; she advises financial institutions and sovereign wealth funds on investment strategy and secondary transactions.

Practice head(s):

Matthew Keogh

Other key lawyers:

Rahul Manvaktar; Clare Baker


The Linklaters team are extremely personable. It is a real pleasure working with their people and we find them very responsive. We receive the highest quality of service on every small query, advisory piece or transaction.

Rahul Manvatkar works hard to ensure we have a highly accessible and performing team across the UK, Luxembourg, Sweden, Germany, Portugal and Spain. An exceptional Linklaters team is made up not just by their partners, but their real strength is in the depth, diversity and creativity of their team and we really trust their associates across Europe.

Really strong team, responsive, user-friendly, excellent co-ordination by managing associate.

The team are really passionate about the subject matter and due to varying skill-sets, have a huge array of technical knowledge.

Key clients


Aviva Investors



CBRE Global Investors

LaSalle Investment Management

Round Hill Capital


Aermont Capital

Work highlights

  • Advising LaSalle Investment Management on the establishment and fundraising of its new flagship global real estate fund of funds, the Global Navigator Fund and its SFDR implementation project.
  • Advised Aermont Capital in relation to the ongoing management of their four funds, as well as general house advice, governance arrangements and on their SFRD implementation.
  • Advised Barings on their flagship pan-European core real estate fund, their value-add real estate funds and an open-ended real estate debt fund, their current SFDR implementation project and many other funds mandates.


Ashurst advises on the full range of real estate funds matters, which includes handling fund formation and investment mandates for asset managers and major institutional investors. Its team is knowledgeable about a wide range of structures, including club deals, single-country and global funds, opportunistic and value-add strategies. The team is integrated globally, and works with tax and regulatory experts on complex mandates. Also notable is that the firm has a specialised REIT team. Piers Warburton heads up the practice, working closely with key fund manager clients. Nick Goddard and Nicola Hopkins are also key contributors, working with sponsor and investor clients on high-value raisings and investments. Catherine Gokah was promoted to partner in mid-2021, and is noted for her work with institutional investors.

Practice head(s):

Piers Warburton

Other key lawyers:

Nick Goddard; Nicola Hopkins; Catherine Gokah

Key clients

BP Investment Management


Coutts & Co Ltd


Foresight Group LLP

Savills Investment Management


Vestas Investment Management

Work highlights

  • Advised Equitix on the establishment of its fifth core UK infrastructure fund, Equitix Fund V, which raised £1bn.
  • Advising Foresight Group on the establishment of the Foresight Energy Infrastructure Partners Fund.
  • Advised CapMan on the establishment of the €570m CapMan Nordic Real Estate III Fund.

Baker McKenzie

Baker McKenzie maintains its strong record in private equity real estate, and has expanded its share of clients, including new mandates from institutional fund managers, investment banks and sovereign wealth funds. The team, which is led by James Burdett, advises on a range of fund structures, including blind pools, club deals, co-investments and consortium arrangements. It also works on investments within a range of asset classes, such as retail, offices, leisure and student housing. Mark Simpson advises on contentious and non-contentious financial services regulatory issues, while Caitlin McErlane has a notable focus on ESG and wider sustainability strategies for funds.

Practice head(s):

James Burdett

Other key lawyers:

Mark Simpson; Caitlin McErlane


James Burdett- very perceptive individual who is always ‘on the ball’.’

Key clients

Edmond de Rothschild/Orox Europe


Government Pension Fund of Thailand

Employees Provident Fund of Malaysia

Government of Singapore Investment Corporation

The Townsend Group



Harwood Capital

Oddysean Capital


Mapletree Investments

Quadrum Global


Aroundtown SA

Goldman Sachs Real Estate Investments

Arcus Infrastructure Partners

Gaw Capital

Nomura Real Estate

Work highlights

  • Advised Townsend on the structuring and execution of the investment by its institutional investor clients into MARK’s €550m Crossbay pan-European Logistics fund platform.
  • Advised Goldman Sachs’ principal investments team on a number of real estate acquisitions in the past two years.
  • Advised Arcus Infrastructure Partners on its acquisition of a significant real estate cold storage logistics portfolio in Belgium, Stockhabo B.V.

Bryan Cave Leighton Paisner LLP

Bryan Cave Leighton Paisner LLP has a strong track record in real estate funds transactions, with it advising leading investment managers and GPs, as well as institutional investors and other LPs. The team also advises on fund formation and capital raising, and it regularly works on cross-border mandates of significant value. The team is led by Kieran Saunders, who handles the formation and operation of real estate funds, club deals and joint ventures, alongside transactional work. Louisa Cobbe is noted for her experience of indirect real estate investments, restructurings and other advisory work. Kate Binedell has advised on innovative UK-based authorised real estate funds, alongside pan-European mandates. Anthony Grossman handles onshore and offshore investment transactions and capital raisings.

Practice head(s):

Kieran Saunders

Other key lawyers:

Louisa Cobbe; Kate Binedell; Anthony Grossman


Strong industry knowledge, partner-led advice.

Kate Binedell – pragmatic, responsive, technically strong.’

We benefit from dedicated fund formation partner support and access to other experts (regulatory, etc) as necessary. You don’t pay to speak to three partners when one will suffice – you can rely upon intra-disciplinary connectivity.

Our fund partner is Kieran Saunders and he’s bright, commercially astute and always available.’

Key clients

Aviva Investors

BlackRock Investment Management

CBRE Global Investors

Clearbell Capital


M&G Investment Management

Unite Students

Europa Capital


Brydell Partners


Secure Income REIT Plc

Long Harbour

AXA Real Estate Investment Managers

Balmain Asset Management Group

Ares Management

Work highlights

  • Advised Land Securities on the restructuring of a series of fund vehicles.
  • Advised DOOR on raising £660m of external funds from Alecta, Allianz and the Local Pensions Partnership for investment into Get Living.
  • Advised Transport for London on the establishment of a joint venture with Grainger Plc to invest in the build-to-rent sector, with the aim of developing and operating a significant number of new homes.

Eversheds Sutherland (International) LLP

Eversheds Sutherland (International) LLP offers broad expertise, which includes advising major international fund managers on fund formation and structuring, secondary transactions and M&A, and regulatory issues such as SFDR disclosure. The team has a strong profile in open-ended funds, with it advising managers in key jurisdictions such as Luxembourg and the Channel Islands. It has also expanded its work for closed-ended, private equity-style funds, as well as investments in emerging asset classes such as shared ownership and build-to-rent. Richard Batchelor advises managers throughout the lifecycles of open and closed-ended funds, particularly private market funds. The highly experienced Pamela Thompson focuses on collective investments, structuring and regulatory work. Principal associate Stefanie Sahla-Jones has a strong real estate practice, handling unauthorised funds and joint ventures, both onshore and offshore.

Practice head(s):

Richard Batchelor

Other key lawyers:

Pamela Thompson; Stephanie Sahla-Jones


Richard Batchelor is a great partner to our business and our in-house team. Whilst obviously being a subject matter expert, he provides us with pragmatic and commercial advice.

Outstanding commercial and legal capabilities and the ability to negotiate and structure complex transactions in the alternative investment space. A very reliable and meticulous team, which always goes the extra mile and is well regarded by clients, as well as counterparties.

Stefanie Sahla-Jones and Richard Batchelor are excellent complements. The team must have other clients, but we feel that we receive exclusive attention. Both are also happy to help us find solutions to interesting problems, often on short notice.

Key clients

M&G Real Estate

Homes and Communities Agency (trading as Homes England)


Kinetic Capital


Local Pensions Partnership Investments



Townsend Holdings

BMO Real Estate Partners

Hogan Lovells International LLP

Hogan Lovells International LLP advises high-profile fund managers on a variety of real estate funds matters, working with open and closed-ended funds, both listed and private. In addition to undertaking fund formation work, the team also handles corporate and financing matters by working in collaboration with other practitioners across the wider firm, as well as managing other complex regulatory arrangements, such as for fund mergers and joint ventures. The practice is led by Nicholas Holman, who is a regular adviser to institutional managers on fund formation and management arrangements. Sian Owles specialises in indirect investments, including club deals and joint ventures, alongside downstream investments.

Practice head(s):

Nicholas Holman

Other key lawyers:

Sian Owles


The team take the time to get to know their clients well and understand the client’s needs, pressures, ways of working. Hogan Lovells are very commercial in their approach to drafting and fee discussions.

Nicholas Holman is great to work with – very experienced and knowledgeable, personable, enjoyable to work with and to have a general chat with. He is commercial in his approach, understands our business and way of working extremely well.

Key clients

M&G Real Estate

Columbia Threadneedle

Nippon Life International

Aberdeen Standard Investments

Russell Investments

British Land

Work highlights

  • Advised M&G Real Estate on the reorganisation of a UK commercial real estate fund and the implementation of new management arrangements.

Kirkland & Ellis International LLP

Kirkland & Ellis International LLP works with a combination of established real estate investors, including major private equity houses, and emerging companies in the property tech space. Its team advises on a variety of vehicles, including open-ended funds, co-investments and joint ventures. The team is led by Jonathan Tadd, who advises fund managers on fund formation and investments across a number of asset classes. Benjamin Harding is well-known among leading real estate sponsors. Another key individual is newly-promoted partner Sophie Smith, who excels in high-value fund formation and structuring matters.

Practice head(s):

Jonathan Tadd

Other key lawyers:

Benjamin Harding; Sophie Smith; Alan Skerritt


Jon Tadd and Ben Harding are both fiercely smart, very hard working and totally committed to their clients. They have an excellent handle on the market and are picking up a lot of new clients.

The Kirkland team is undoubtedly one of the best fund formation practices in the City. On the real estate side, they have secured fantastic clients and are plugged into the market-leading real estate practice they have globally.

Jonathan Tadd is outstanding on the real estate side. He is a real star. His experience in Hong Kong gives him a real edge in terms of client service. He is hungry for work and executes to a very high level.

Jonathan Tadd has built one of the most successful real estate funds practices in the City, and is ruthless in the attention to detail he provides to his clients. His technical knowledge of the market allows his clients to rest assured that they will receive the best possible service throughout.

‘Alan Skerritt has a calm, polite, positive attitude and eye for detail, even in the most rushed/stressed hours.’

Key clients


Node Living

Work highlights

  • Advised EQT as lead fund counsel on the establishment of its EQT Real Estate Fund II, which is focussed on opportunistic real estate assets in Europe.
  • Advising Node Living on several ongoing matters, including the establishment of a €300m joint venture with Intriva Capital for expansion of Node’s European business.

Addleshaw Goddard

Addleshaw Goddard is equally highly regarded by fund managers (including established and start-up managers) and institutional investors, for whom it handles the formation of real estate investment vehicles and downstream investments. Its team has expertise in portfolio and development investment funds, alongside social housing and impact funds. Practice head Lee Sheldon is knowledgeable about real estate funds, private equity real estate and indirect real estate investments. Jonathan Powling undertakes LP-side work and he also has an active GP practice. Jan Gruter, who was recently promoted to partner, has strong regulatory expertise.

Practice head(s):

Lee Sheldon

Other key lawyers:

Jan Gruter; Jonathan Powling


The team is very helpful and knowledgable in the process. They exactly what is required and how long it should take. They plan the process every step of the way and manage our expectation and the different stakeholders very well.

Jan Gruter is very smart and knowledgeable. Even more importantly, he can communicate complex points in a very user-friendly way.

Lee Sheldon – pragmatic, user friendly, takes a long term view of client relationships.

Key clients

Northtree Investment Management Limited

Aberdeen Standard Investments

The National LGPS Framework

Aviva Investors

Federated Hermes

Kamco Invest

Par Equity

EcoTree (Paintitgreen S/A)

Pension Insurance Corporation

Warrington Borough Council

Work highlights

  • Advising a number of fund managers that are developing new ESG investment strategies in the real estate and infrastructure sectors and are working on associated fund launches.
  • Advised a large institutional asset manager on the launch of two fund of funds, raising over £600m for investment into underlying real assets funds.
  • Advising Kamco Invest on its establishment of two Shari’ah compliant investment funds and related management arrangements with M7 Real Estate in connection with their UK regional office investment strategy.

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP's team has a wealth of expertise in all the intricacies of fund formation, restructuring and management. In addition, it  advises established and start-up fund managers on a variety of real estate investments. Of particular note is the firm's work on innovative residential property funds, including social housing, shared ownership, and buy-to-let. The team is led by Michael Newell, who advises fund managers and institutional investors on fund formations, investments and secondary transactions, as well as regulatory issues, such as AIFMD implementation.

Practice head(s):

Michael Newell


Good knowledge of sector and commercial norms and compliance. All round knowledge and good ability to work with and manage external (eg overseas) teams where required.

Mike Newell is the most available legal partner I have worked with, making time to call back to discuss points when necessary rather than brief emails. His knowledge/experience is extensive and he is particularly impressive where cross border structures are required.’

FInger is very close to the pulse on features that will and will not be acceptable, allowing us to efficiently structure a product for the market.

Key clients

Greencoat UK Wind Plc

Greencoat Renewables Plc

Work highlights

  • Advising Greencoat UK Wind Plc on its Share Issuance Programme of up to 750 million new Ordinary Shares and Admission to the Official List and trading on the London Stock Exchange’s Main Market for Listed Securities.
  • Advising Greencoat Renewables Plc on a Placing under its Share Issuance Programme of up to 350 million new Ordinary Shares and Admission to the Euronext Growth and AIM.

Gowling WLG

Gowling WLG acts for a wide range of funds on real estate investments, joint ventures, co-investments and downstream transactions. In addition, other drivers of work include fund formation and regulatory advice. The team's experience includes listed real estate funds and REITs investing in retail and mixed-use properties, and emerging asset classes such as build-to-rent and university accommodation. The firm also has a strong LP practice, with it advising institutional investors on pool structures and ESG considerations. The practice is led by Nick Heather, who has strong relationships with brokers and managers. Sharon Ayres has a notable focus on closed-ended real estate funds. Kristian Rogers is another key individual in the group.

Practice head(s):

Nick Heather

Other key lawyers:

Sharon Ayres; Kristian Rogers


Very joined up between funds team and real estate team. Able to draw on technical financial services regulatory advice at short notice and provide integrated response.

Sharon Ayres was completely across the documentation, very available and responsive and really fought our corner in the negotiations.

Key clients

Aberdeen Standard European Logistics Income plc

CEIBA Investment Limited

Empiric Student Property plc

GCP Student Living plc

Pacific Industrial & Logistics REIT plc


Urban Logistics REIT plc

Triple Point Social Housing REIT plc


M&G Real Estate

NFU Mutual

Universities Superannuation Scheme

Royal London Asset Management

Thales Pension Scheme


Hyde Housing Association

Work highlights

  • Having previously advised NFU Mutual on its cornerstone investment on the launch of the new investment platform between NFU Mutual, Apache Capital and Harrison Real Estate Capital for build-to-rent schemes; the firm continued to advise the client on two material further investments brought onto the platform.
  • Advised longstanding client Universities Superannuation Scheme (“USS”) on its complex long-term investment partnership with BP.
  • Ongoing advice to institutional investors (largely private sector and public sector pension schemes) on their investments into pooled arrangements.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP's work covers a wide range of vehicles, such as private real estate funds, club deals and managed accounts, as well as closed-ended listed funds. It advises fund managers on a full spectrum of issues, including fund formation, capital raising, fund reconstructions, regulatory matters and joint ventures, among other areas. Also notable is that investor-side work (including mandates from sovereign wealth funds and pension funds) is another area of strength for the group, which is notably active in the growing build-to-rent sector. The practice is led by Tim West, with global funds strategy head Jonathan Blake also playing a key role alongside Nigel Farr.

Practice head(s):

Tim West

Other key lawyers:

Nigel Farr; Jonathan Blake

Key clients

Aberdeen Standard

AEW Europe LLP

Anglesea Capital


Australian Superannuation Fund

AXA Investment Managers – Real Estate

Baillie Gifford & Co


BlackRock Fund Managers Limited

Blackstone Strategic Partners

Cabot Square Capital LLP

Canada Life

Canada Pension Plan Investment Board (CPPIB)

Carlyle Group

CarVal Investors




Henderson Global Investors

Hermes Investment Management

Hermes Real Estate Investment Management

Hines Interests Limited Partnership

Kennedy Wilson Europe Real Estate plc


Local Pensions Partnership Investments Ltd

Moorfield Group Limited

Orchard Street Investment Management LLP

Oxford Properties


Qatari Diar

RREEF Real Estate Investment Managers

Shuaa Capital

Signature Group

Sustainable Development Capital

Work highlights

  • Advising Alecta Pensionforsakring Omesesidigt on an investment into DOOR, a fund which is a party to a substantial real estate joint venture with APG and Qatari Diar focused on the development and operation of residential rental assets in the UK.

Jones Day

Jones Day advises private equity and real estate sponsors on multijurisdictional fund formation mandates, with its practice being bolstered by integrated tax and regulatory expertise, alongside an active secondaries practice. The team is jointly led by John MacGarty (an experienced funds practitioner with a wealth of fundraising expertise) and Alistair Grant, who advises on real estate transactions and finance, alongside funds-specific mandates.

Practice head(s):

John MacGarty; Alistair Grant


Teams are excellent at working across discliplines within a transaction process. All aspects of a complex transaction are dovetailed including across corporate, real estate, finance, tax and regulatory elements.

Key clients

Albion Capital


Pantheon Ventures (UK) LLP

Greystar Real Estate Partners LLC

CBRE Group, Inc.

True Capital Ltd

Work highlights

  • Advised various clients on their investments into funds raised by leading managers in Europe, Asia and the US, and in 2020 alone, closed approximately 22 primary transactions representing invested capital approaching $1bn.
  • Advised Albion Capital on the reorganisation of Albion Community Power and the formation of a new fund vehicle which raised additional capital for Albion Community Power’s existing, and new, investments within the renewable assets sector.

Latham & Watkins

Latham & Watkins advises high-profile fund managers (such as LaSalle) on real estate fund formations and downstream investments, including innovative structures such as co-investments, master-feeder arrangements and separately managed accounts. The team is led by Nick Benson, who acts for international fund managers and investors. James McCrory also has a strong profile in the real estate funds space and leads on the firm's most complex mandates.

Practice head(s):

Nick Benson

Other key lawyers:

James McCrory

Key clients

China Investment Corporation

OMERS Infrastructure

Waterfall Capital




Quadriga Capital


Chimera Capital

Flashpoint Venture Capital

Work highlights

  • Advised Waterfall on its appointment as replacement investment manager of Pollen Street Secured Lending plc.

Osborne Clarke LLP

The 'dynamic and responsive' team at Osborne Clarke LLP advises high-profile institutional investors and international asset managers, as well as start ups and first-time managers, on large-scale formations and transactions. The core practice is complemented by the firm's real estate, tax and regulatory expertise. Team head Tim Simmonds is an experienced real estate funds practitioner with an excellent record in advising institutional managers and investors. Alison Riddle handles high-value fund formation work for major real estate managers, while associate director Daniel Faundez advises on fund establishments and LP investments.

Practice head(s):

Tim Simmonds

Other key lawyers:

Alison Riddle; Daniel Faundez


The team is dynamic and responsive. Transactions and fund structuring is partner-led.

Tim Simmonds is an excellent partner within the business. He is straightforward, commercial and an extremely knowledgeable funds lawyer.

Tim Simmonds – he runs a tight ship, is incredibly good with clients and intermediaries; has fantastic knowledge of the market; doesn’t over complicate matters and prices very competitively.

Highly commercial, client and solution-driven.

Key clients

Hilltop Credit Partners

Patrizia AG and Kingston Space Properties

Niam AB

The Northern Pool and the Brunel Pool

Newcore Capital

Nuveen Asset Management

Barwood Capital

Bridges Fund Management

Global Student Accommodation

Fiera Real Estate

Urban Splash

Aberdeen Standard Bank

DWS (formerly Deutsche)

Savills Investment Management


BAE Pension Fund

Cording Real Estate Group

Mayfair Capital Partners

Ellwood Capital

Work highlights

  • Advised the LGPS investors on their cornerstone investment in and launch of PGIM’s £200m affordable housing fund which has a significant focus on energy efficient housing.
  • Advised on the £220m launch of Bridges’ fifth UK Property Alternatives Fund.
  • Advised Aberdeen Standard’s clients on their significant investments in CBRE’s US Strategic Situations Fund and Patron Capital’s UK focused RE fund.

Paul Hastings LLP

Paul Hastings LLP's work in the real estate funds space is a key part of a broader, full-service private funds practice. The firm is particularly noted for its strengths in credit funds, which encompasses a wide range of vehicles, including real estate debt funds. In addition to forming and structuring funds, the team advises clients on a wide range of regulatory issues and GP-led secondaries transactions, and it is also highly active in LP-side matters. Diala MinottChristian Parker and Duncan Woollard jointly lead the practice. Minott is leading the advice to Intermediate Capital Group Plc on the launch of its new sale and leaseback strategy real estate fund, which is targeting a capital raise of €1bn.

Practice head(s):

Diala Minott; Christian Parker; Duncan Woollard


Duncan’s experience and pragmatic approach is a major benefit to our firm.

Key clients

Octopus Healthcare


Cheyne Capital

The Government of Gibraltar

Oakley Capital

Work highlights

  • Advising Cheyne Capital on itslatest social impact real estate fund, which is targeting £500m to invest in UK property with a dual financial and social impact goal.
  • Advising Intermediate Capital Group plc, a global alternative asset manager, on the launch of its new sale and leaseback strategy real estate fund.
  • Advised the Government of Gibraltar on the launch of the new Limited Partnerships Act regime.

Ropes & Gray LLP

Ropes & Gray LLP made a significant investment in its asset management offering by hiring Tom Alabaster from Linklaters LLP in 2020; he is the head of the firm's funds practice in EMEA. Under Alabaster's leadership, the team generates a strong flow of mandates from major funds, asset managers and institutional investors. Its workload includes high-value real estate fund formations, restructurings, joint ventures and downstream investments, including club deals. The team works closely with the firm's US offices on cross-border mandates. Emily Brown and counsel Christopher Townsend have further bolstered the practice by joining from Schulte Roth & Zabel International LLP and Kirkland & Ellis International LLP respectively.

Practice head(s):

Tom Alabaster

Other key lawyers:

Emily Brown; Christopher Townsend

Key clients



Stephenson Harwood

Stephenson Harwood advises funds and their managers on a wide range of vehicles that invest in real estate assets. It is highly active in the REIT space, as is reflected by the fact that it advises clients on IPOs, secondary fundraisings and investments. In addition, other areas of expertise include offshore funds, authorised and unauthorised unit trusts. and open-ended investment companies and limited partnerships. Joint venture arrangements are also an area of strength. The team is led by William Saunders, who is widely-hailed as a leading name in the listed funds space. Alex Haynes and Elizabeth Field are also key individuals, as is William Robertson, who is active on the regulatory side.

Practice head(s):

William Saunders

Other key lawyers:

Alex Haynes; Elizabeth Field; William Robertson

Key clients

Panmure Gordon (UK) Limited

Nplus1 Singer Advisory LLP

Home REIT plc

Alvarium RE Limited

Liberum Capital Limited

Nexus Group

Grit Real Estate Income Group Limited

Aseana Properties Limited

LXi REIT plc

Work highlights

  • Advised Nplus1 Singer, as nominated adviser and joint placing agent, and Panmure Gordon, as joint placing agent, on the £92m secondary fundraising for Urban Logistics REIT plc.
  • Advised Home REIT plc on its £240.5m IPO on the London Stock Exchange.
  • Advised Liberum Capital on its role as nominated adviser and broker to Urban Exposure plc, an AIM-traded specialist residential development finance and asset management company, in respect of a tender offer to Urban Exposure shareholders to return £65m of capital to shareholders.

Travers Smith LLP

Travers Smith LLP advises private real estate funds and listed REITs on fund formation, IPOs and other capital raisings, as well as secondary transactions. Its team works in close conjunction with the firm's finance and real estate teams. Of particular note is the firm's work on social impact investments, including affordable housing and social infrastructure funds. The team is led by Aaron Stocks, who is a specialist in listed fund and REIT work. Sam Kay focuses on private fund formation.

Practice head(s):

Aaron Stocks

Other key lawyers:

Sam Kay

Key clients

Alternative Income REIT plc

Assura plc

Benson Elliot Capital Management LLP

Benson Elliot Real Estate Partners V

Cantor Fitzgerald Europe and BDO LLP

Impact Healthcare REIT Plc

JPMorgan Cazenove

Local Pensions Partnership Investments Ltd

London LGPS CIV Limited


Numis Securities

Peel Holdings

Social and Sustainable Capital LLP

Stifel Nicolaus Europe Limited

Work highlights

  • Advised Social and Sustainable Capital LLP on raising a £100m fund to deliver financial return alongside a positive social impact by financing UK charities to purchase and manage portfolios of residential property for vulnerable groups.
  • Advised Stifel – in its capacity as sole bookrunner and financial adviser – on Target Healthcare REIT plc’s recommended proposal to introduce a new, UK domiciled parent company by means of a scheme of arrangement.
  • Advised Impact Healthcare REIT on its £100m placing.