UK law firm Burges Salmon has advised the Border to Coast Pensions Partnership on the launch of a £1.2 billion UK real estate fund.
As “one of the largest real estate funds in the UK”, this fund is structured as an authorised contractual scheme (ACS), regulated by the Financial Conduct Authority.
A cross-sector, multidisciplinary team at Burges Salmon, led by director Christopher Bartlett and partners Tom Dunn and Richard Clark, provided expert guidance on the project. The team offered specialist support in real estate, tax, and fund structuring, facilitating the successful launch of this large-scale fund.
In collaboration with Tyne and Wear Pension Fund, Cumbria Pension Fund and South Yorkshire Pensions Authority, the fund’s portfolio comprises 65 assets across 26 UK counties, including office, retail, care home, student accommodation and industrial spaces. Border to Coast aims to double the fund’s size to over £3 billion within the next five years.
Border to Coast launches UK real estate fund
Bartlett said: “Being the biggest real estate funds launch in the UK with a value in excess of £1.2bn, this was an incredibly demanding and complex project which lasted over a year. It required a “one team” approach, with Burges Salmon advising on a number of aspects including real estate, funds structuring and tax. We are delighted to have successfully guided our client through what was an incredibly challenging transaction and to have achieved a smooth and timely completion.”
Alistair Smith, head of real estate at Border to Coast, added: “We believe the UK market offers significant opportunity and this strong market, coupled with further capital commitments from Partner Funds, means that we see £3 billion as being a realistically achievable objective for the UK Real Estate proposition. Thanks to the Burges Salmon team for its advice throughout the process and for working in collaboration with our in-house team and stakeholders so we could launch the fund in the expected timescales.”
