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Nabarro advises on joint venture to redevelop Elisabeth House, Manchester
6 November 2008
Nabarro advised both GMPVF, the property development arm of the Greater Manchester Pension Fund, and Argent Projects No. 4 Limited Partnership on a £100m joint venture to redevelop Elisabeth House. The redevelop will result in a major 300,000 sq ft office scheme in Manchester city centre's St Peter's Square. The joint venture arrangements see each party holding a 50 per cent interest in the Elisabeth House property.
Indirect investment partner Justin Cornelius led the Nabarro team advising GMPVF, assisted by senior associate Andrew Elliott and associate Ed Morgan (indirect investment) and senior associates Kirsten Pritchard-Jones (tax) and Louise Jones (real estate).
A Nabarro team, led by indirect investment partner Jonathan Cantor and real estate partner Marc Franks, assisted by associate Caroline Ord (indirect investment) and consultant Peter Kempster (tax), advised the Argent group’s current executive management team on the establishment of Argent Projects No. 4 Limited Partnership, the Argent joint venture partner, with the BT Pension Scheme (BTPS).
Argent was advised on the joint venture with GMPVF by Lovells. BTPS, and its real estate investment manager, Hermes Real Estate, were advised by Maxwell Winward LLP.
Indirect investment partner at Nabarro Justin Cornelius said: "Whilst there is no doubt that activity has slowed considerably in the current economic climate, clients who are able to fund development projects out of equity are gaining access to exciting opportunities. We are delighted that GMPVF and Argent have committed to move forward with this important redevelopment project." Indirect investment partner at Nabarro Jonathan Cantor said: "We are very pleased to have been involved in the establishment of another joint venture for the Argent executive management team. It has been a pleasure working with Argent and we look forward to continuing our business relationship."
