Our real estate team has advised the Royal London UK Real Estate Fund (RLUKREF), on its sale of Hurlingham Retail Park to a joint venture between Rockwell and Cerberus Capital Management.
The joint venture by Rockwell, a leading London-based property developer, in partnership with Cerberus Capital Management, L.P., a global leader in alternative investing, will co-own 362-364 Wandsworth Bridge Road - a landmark mixed-use site on the North Bank of the River Thames.
Gowling WLG advised RLUKREF on all aspects of the sales process including tax, real estate, construction and planning. The team was led by partner Felicity Lindsay and principal associate Angela Perry, with support from partners Paul Green and Lee Nuttall.
Felicity Lindsay, partner at Gowling WLG, said: "We're pleased to have worked with Royal London Asset Management again on another prominent transaction within the real estate market. The sale of this asset is evidence of the strong demand we're currently seeing for residential led developments within highly sought-after areas, so we are delighted our team was able to assist in achieving this outcome for Royal London Asset Management."
Drew Watkins, RLAM Portfolio Fund Manager, said: "The sale of this development is an excellent result for Royal London's UK Real Estate fund. It represents the culmination of years of active asset management and demonstrates our willingness as a property asset manager to trade, rather than recycle, when the right opportunity arises. The sale follows a long period of creative and challenging work to obtain planning permission for this prime riverside development. This project is aligned to our active management strategy and the capital will be redeployed in ongoing development opportunities elsewhere in London."