In the UK property market one investment or development project can vary considerably from another. However, the prevailing feature that many such projects share is the corporate real estate joint venture (the "JV"). The JV has become central to investment and development activity undertaken by the likes of property companies, private equity funds, institutional/overseas investors, pension funds, sovereign wealth funds and individuals. Parties are increasingly looking to share financial risk and reward (by way of JV), but never more so than during periods of economic uncertainty and market volatility as riskier (but more competitively priced) opportunities come to the market.
In a series of articles published in the Estates Gazette on 2 July, 9 July and 15 July 2016, Paul Chases of the Herbert Smith Freehills corporate real estate team takes a closer look at:
(i) the six fundamental areas that should be at the forefront of each party’s mind when contemplating a new JV (deal structuring, future bankability, funding, applicable law and exit);
(ii) JV minority rights (picking up contractual and statutory protections); and
(iii) the European dimension as it applies to a JV (and how Brexit might interplay).
Please click on the links below to read the articles.
Joined up thinking: six key factors for any joint venture (Estates Gazette EGi, 2 July 2016)
Joined up thinking: the minority report (Estates Gazette EGi, 9 July 2016)
Joined up thinking: the European dimension (Estates Gazette EGi, 15 July 2016)