Shoosmiths advises Invesco and PLATFORM_ joint venture on BTR portfolio sale
December, 2024 - Milton Keynes, England
Shoosmiths has advised a joint venture between Invesco Real Estate, the USD 85bn global real estate investment business of Invesco Ltd (NYSE: IVZ), and PLATFORM_ on the successful sale of a build to rent (BTR) portfolio located across the south of England.
The law firm acted for the real estate investor and BTR developer and operator on the sale to LRC Group. The portfolio included 608 apartments across five assets in Exeter, Stevenage, Bedford, Bracknell, and Crawley - converted from office to residential use under permitted development rights between 2016 to 2017 by PLATFORM_, with the joint venture established in 2017.
Shoosmiths assisted with all real estate aspects of the sale, providing further specialist advice across planning, litigation, employment, corporate, commercial, tax, and construction matters. Knight Frank acted as agents for the joint venture.
Tom McFerran, Director - Fund Management at Invesco Real Estate, commented:
“We are pleased to announce the successful sale of our residential portfolio, which we have actively developed as part of our strategic business plan.
"The successful disposal of this residential portfolio is a central part of our evolving strategic business plan; Kellie and her team were central to the successful execution of this. Invesco Real Estate have invested €1.2bn into the residential sector over the past two years, and this disposal underlines our commitment to creating premium housing and delivering value for our stakeholders. We will continue to pursue our objective of creating high-quality communities and exploring new growth opportunities.”
Leading Shoosmiths’ multi-disciplinary deal team was Kellie Hatton, real estate partner and joint head of development. She was supported by real estate associate Stacy Dawes, as well as a range of other specialists across the firm.
Kellie Hatton, real estate partner and joint head of development at Shoosmiths, added:
“The UK residential sector has continued to show its strength in 2024, reflecting both the resilience and appeal of professionally managed rental housing. This transaction highlights the maturity of the market and its ability to deliver opportunities for investors and developers, while meeting evolving housing needs.
“We are proud to have supported Invesco Real Estate and PLATFORM_ in this milestone sale, leveraging our multidisciplinary expertise to navigate the complexities of the portfolio transaction. It was a collaborative process, with our team working seamlessly with the joint venture and Knight Frank to successfully complete the sale, which is among the largest to close in 2024.”
This latest deal follows Shoosmiths’ work advising Housing Growth Partnership on its joint venture with PLATFORM_ to deliver a 451-apartment BTR scheme in Leeds.
