Hogan Lovells advises Landsec and M&G Real Estate on launch of Bluewater REIT on first day of new private REIT regime
London, 25 April 2022 – International law firm Hogan Lovells has advised Landsec and M&G Real Estate on the launch of Bluewater REIT on the first day of the new private REIT regime in the UK.
Bluewater REIT, which launched on 1 April, is a joint venture between Landsec (74.99 percent) and a client of M&G Real Estate (25.01 percent). The Hogan Lovells team advised Landsec and M&G Real Estate on the REIT formation and M&G Real Estate on the joint venture aspects. CMS Cameron McKenna Nabarro Olswang LLP advised Landsec on the joint venture aspects.
Bluewater REIT, which is valued at £172 million, owns 25 percent of the Bluewater shopping centre, which is the largest out of town shopping centre in the south east of England with an annual turnover around £1 billion and a catchment population of 3.9 million people.
The Hogan Lovells team was led by London-based partner and Head of the UK Tax practice Elliot Weston and Investment Funds partner Sian Owles with support from counsel Amelia Stawpert (Investment Funds) and senior associate Christopher Hyde (Tax).
Commenting on the launch of Bluewater REIT, Elliot Weston said: “We are delighted to have advised Landsec and M&G Real Estate on the launch of Bluewater REIT on 1 April, the first day the new private REIT regime in the UK came into effect.”