Nabarro offi ces Nabarro LLP Registered offi ce: 125 Wall London London EC2Y 5AL. Funds and Indirect Real Assets 125 London Wall Nabarro LLP is a limited liability London EC2Y 5AL partnership registered in and T +44 (0)20 7524 6000 UK-REITs Wales (registered number OC334031). Sheffi eld It is a law fi rm authorised and regulated 1 South Quay Victoria Quays by the Solicitors Regulation Authority. A list of members of Nabarro LLP and of Sheffi eld S2 5SY the non-members who are designated T +44 (0)114 279 4000 as partners is open to inspection Manchester at the registered offi ce. The term 1 The Avenue Spinningfi elds partner is used to refer to a member of Nabarro LLP or to an employee or Manchester M3 3AP consultant with equivalent standing and T +44 (0)161 393 4700 qualifi cations in one of Nabarro LLP’s Brussels affi liated undertakings. 1 209A Avenue Louise 1050 Brussels Detailed specialist advice should be obtained before taking or refraining from T +32 2 626 0740 any action as a result of the comments made in this publication, which are only Singapore intended as a brief introduction to the Marina Bay Financial Centre Tower 3 particular subject. This information is 12 Marina Boulevard 35-01 correct on the date of publication. Singapore 018982 © Nabarro LLP 2017 T +65 6645 3280

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Battersea Power Station | Nabarro Proposal UK-REITs UK-REITs – 1sts

Our extensive REITs experience includes conversions, IPOs, fund We advise over half of the premium listed REITs and have led the raisings and major transactions. sector since the introduction of the REIT regime, including:

We have a dedicated REITs group including specialists in , Corporate Finance, Tax, Regulatory and Banking. Wave of REIT conversions IPO of a REIT Our team has been closely involved in the development of UK-REITs both at a company and sector level. We advise a number of leading names in the sector on UK-REIT issues and transactions. Land Securities, Great Portland, Rugby REIT and Primary Health Nabarro is an active participant on REITs in the British Property Federation, Investment Property Forum and the European Properties Real Estate Association (EPRA). Secondary fundraising Hostile takeover offer Our experience by a REIT for a REIT Our REITs experience involves many real estate transactions, listings, conversions, fund raisings Primary Health Properties Laxey/Rugby REIT and takeover activity including: AXA Real Estate – the £472m acquisition of Ropemaker LondonMetric Property – (i) the admission of London & Recommended takeover Merger of two REITs Place for a European and two Asian investors through a Stamford Property to the Official List, its REIT conversion for a REIT new UK-REIT. and internalisation of management; (ii) the merger with London & Stamford and – (i) its conversion to a UK-REIT; Metric Property Investments to create LondonMetric ING/Rugby REIT Metric Properties (ii) joint ventures including City Place and City House in Property; and (iii) transactions such as the acquisition and the ; and (iii) transactions such as 33 subsequent disposal of a 50% interest in Meadowhall Shopping Centre. Margaret Street, London. “Private” REIT PRS REIT and Standard Life (Brent Cross Owners) – NewRiver Retail – advising Forum European Realty various transactions including development Income III LP on its CISX listed convertible unsecured Ropemaker Place Mill Residential arrangements for Brent Cross involving over 1.6 million sq loan note investment in NewRiver Retail, which also metres of development floor space. converted to become a REIT. Secure Income REIT plc – advising Stifel on the IPO of this Primary Health Properties – (i) its conversion to a REIT which is advised by Prestbury Investments and owns UK-REIT; (ii) subsequent equity fund raisings; and (iii) attractions such as Madame Tussauds and Warwick three retail bonds including a £82.5m convertible bond. Castle. Rugby Estates Investment Trust plc – (i) its £50m Our UK REIT clients include: Land Securities – (i) aspects of its conversion to a flotation as a UK-REIT; (ii) its successful defence of a UK-REIT; (ii) transactions such as the £656m acquisition hostile offer from Laxey Partners; and (iii) its subsequent of its interest in the Bluewater Shopping Centre, Kent; takeover by ING Real Estate Investment Trust. and (iii) joint ventures such as St. David’s, Cardiff and the SEGRO – (i) its conversion to a UK-REIT; and (ii) ongoing Walkie Talkie. real estate transactions.

Further information: A back to basics briefing on REITs is available. Key contacts

Christopher Luck Iain Newman Partner Partner T +44 (0)20 7524 6294 T +44 (0)20 7524 6423 [email protected] [email protected]

Funds and Indirect Real Assets | UK-REITs Funds and Indirect Real Assets | UK-REITs