Gowling WLG's Real Estate team has advised long-standing client U and I Group PLC on the financing of the 2 Brunel Place development in Slough. The development forms the first phase of U and I Group's wider Brunel Place project, providing a new commercial quarter in Slough.
2 Brunel Place is an office-led regeneration project and is set to transform a currently derelict site into a new commercial hub with 99,862 sq ft of office space. It is a key element of the wider £450 million Heart of Slough regeneration initiative, focused on bringing new infrastructure, homes, retail and leisure space to the city, as well as improved facilities. Funding for this first phase is being provided by real estate investment adviser Ashby Capital.
Partner Nisha Jassal led the deal, supported by real estate chairman Robert Caddick, associate Raj Hothi and trainee solicitor Lisa Boyle. Senior associate Haroon Khan provided planning expertise. The team worked closely with U and I Group's regeneration director Simon Hesketh and legal counsel Stewart Whittle.
Nisha Jassal said: "This is an exciting, long-term commercial development project for our client and is expected to create a landmark office scheme in the centre of Slough. Having worked with U and I Group on similar large-scale projects such as 10 and 12 Hammersmith Grove, we had the specialist development expertise to help them bring this funding to a successful conclusion."
Simon Hesketh, regeneration director, U and I Group PLC, added: "We are delighted to be working again with Gowling WLG on one of our significant regeneration projects. Their understanding of development projects and commercial expertise has helped us secure a successful start to this new venture."
U and I Group PLC is a property regeneration company with a portfolio of mixed-use regeneration projects in London, the south-east, Manchester and Dublin. The business has a current market capitalisation of c. £300 million, and for the financial year-end of February 2015 reported a headline profit before tax of £45.4 million.
Norton Rose Fulbright acted for Ashby Capital while Osborne Clarke advised U and I Group on construction matters.
Gowling WLG is home to one of the UK's largest real estate practices. With more than 280 real estate lawyers (including more than 40 partners), it offers clients a comprehensive range of legal services along with expertise in all major established and emerging asset classes. An award-winning team, it received the title of 'Real Estate Team of the Year' at The Legal Business Awards 2015 and is named a national leader in Chambers UK 2015.