Macfarlanes advises Apache Capital Partners on a joint venture with Harrison Street Real Estate Capital
The investment platform intends to fund the development of up to seven premium build-to-rent schemes across England and Scotland, the first is The Lexington, in Liverpool, part of the Liverpool Waters regeneration masterplan.
Construction of The Lexington has begun, and Apache intends to invest on an asset-by-asset basis as construction of the other six schemes begins over the next 20 months.
The Lexington represents Harrison Street’s and NFU Mutual’s first build-to-rent transaction in the UK.
The Macfarlanes team for this matter was led by investment management partner Christopher Good and tax partner James McCredie with support from senior solicitors Harriet Hamilton and David Gati and solicitor Robert Clarke.
Christopher Good comments: "We are excited to have partnered with Apache Capital and acted as trusted advisor on this project, as they grow their premium build-to-rent development portfolio across England and Scotland. This is a transformational transaction for Apache Capital's business, helping to strengthen their position to capitalise further on the increasing demand for BTR projects in this growing sector."
John Dunkerley, co-founder and CEO of Apache Capital comments: "The Macfarlanes team was invaluable in helping to support the success of this joint venture platform and investment from Harrison Street. These new equity commitments underscore that the UK’s build-to-rent sector is developing into an institutional asset class, attracting long-term global investors."