Nick Mumby

Nick is head of the Private Capital Real Assets group. He is a leading adviser on operational real estate, with specialist expertise in Build-to-Rent (BTR), hotels, self-storage and large-scale regeneration. He advises private equity sponsors, developers, institutional investors, debt funds and listed property companies on some of the most high-profile and complex development transactions in the UK.

Nick's practice spans the full lifecycle of operational assets: site assembly and acquisition, complex structuring, joint ventures, development delivery, operational platform considerations, stabilisation and exit. He is recognised for his ability to unlock challenging sites, resolve complex title constraints and guide clients through the legal and commercial dynamics of income-producing, operationally intensive sectors.

Nick leads the firm's BTR sector team. He is recognised as a Leading Partner by Legal 500 and is ranked in Chambers and Partners (Real Estate: £150 million and above).

Clients

His clients include major developers (LandSec and Quintain), investment funds (Clear Sky Capital, Veld Capital, Hudson Advisors and Lone Star Funds), debt-funds (BentallGreenOak, Cheyne Capital and ICG), digital infrastructure developers (Echelon DC and Tract CM), and development and investment managers (Aldgate Developments, Ailon and Maya Capital).

Highlights

Advising Lone Star and Hudson Advisors on the £755 million preferred equity commitment from Ares Management Corporation into the Lone Star Fund IV which owns Quintain. The deal will allow Quintain to carry out the final pieces of the development jigsaw at Wembley Park which, on completion, will be the largest BtR development in the UK.

Advising Quintain on numerous aspects of the Wembley Park BTR scheme. This includes:

• all aspects of the latest development phase (North East Lands) at Wembley Park – a thriving, vibrant community. This has included dealing with the leasehold structure for the seven sections of this phase and the construction facility (£277 million) to deliver the first two sections on the site and the sale of the student accommodation plot to Greystar;
• the £780 million refinance of the corporate facility that is secured across the Wembley Park Site with debt provided by JP Morgan and Cheyne Capital; and
• the disposal of three stabilised BTR assets, Montana, Dakota and Alto, to Goldman Sachs for a premium in excess of £100 million.

Advising Landsec U+I on:

• the disposal of the Morden Wharf development site to Galliard Homes and City Developments. The development is a high density mixed-use water front development (with a GDV of c. £750 million) including the construction of 15 new buildings encompassing a range of uses including c. 1,500 residential units, retail, leisure and community spaces, offices/workshop space and a new distribution/warehouse centre; and
• the joint venture with Transport for London in relation to the £300 million regeneration of The Liberty of Southwark. The Liberty will provide more than 160,000 sq ft of new office space, plus shops, restaurants, cafes, flexible small business workspace and new homes. It will bring more than 1,850 new jobs to the area and 36 residential units, including 12 for social rent and a further four for discounted sale.

Advising Veld Capital and Maya Capital on their joint venture acquisition of 160 Blackfriars Road from private equity firm Angelo Gordon for £80 million. The scheme comprises a refurbishment of the existing office building and the creation of a new hotel on part of the property. Nick has led the team on all aspects of the project including:

• the £80 million multi-tranche debt facility from ICG, which is being used in part to finance the refurbishment of the office building;
• the £46 million development facility from OakNorth Bank for the development and delivery of the hotel; and
• the development agreement and hotel management agreement with Motel One.

Advising US private equity firm Clear Sky Capital on four Canadian listed funds – Padlock Euro Storage Funds I-IV, which include over 25 self-storage businesses across the south of England. The acquisitions have been a mix of asset purchases, forward funded developments and operating business purchases. Nick also led the team that advised on the reorganisation and consolidation of Funds I, II and III and the multi-tranche £150 million loan facility from Cerberus which refinanced the existing debt and provides revolving CAPEX facility.

Advising Compound RE on the establishment of their new self-storage fund which has an initial investment of £100 million. Nick led the team which has subsequently advised on the acquisition of assets in Guildford, Tunbridge Wells and Milton Keynes, with debt-facilities put in place for the acquisition and development on all sites.

Advising Aldgate Developments on all aspects of the One Braham development. The AD team had owned the site for over 10 years, and the work included a reorganisation of the ownership structure, obtaining vacant possession, the construction finance with Starwood Real Estate and the pre-let of the whole 340,000 sq. ft. building to BT plc for their new global HQ. In addition, he advised on the sale of the company which owned One Braham, London E1 to Union Investments for a purchase price in excess of €500 million. This was the largest single property transaction in Europe in 2021.