Our Corporate Real Estate team has advised alternative investment firm H.I.G. Capital on its joint venture with developer HUB to acquire plot at Lendlease's Elephant Park masterplan in London. This is H.I.G. Capital's second joint venture with HUB.

The 1.2-acre site, which already has commercial consent, will be transformed into a mixed-use development offering shared-living/co-living homes, affordable homes, new public realm, ground floor retail provision and a health hub.

Delivered by Lendlease in partnership with Southwark Council, the scheme has already delivered nearly 3,000 homes, including build to rent, affordable, and market sale, alongside a two-acre public park with natural stone play areas and water features, and a net zero carbon district heating network to serve the emerging residential community.

The development is the final piece in Lendlease's £1.5 billion regeneration project at Elephant Park. This acquisition builds on H.I.G. Capital and Hub's ongoing relationship, which includes a mixed-use scheme at Finsgate House acquired earlier this year in respect of which our Corporate Real Estate team also advised H.I.G. Capital.

Elephant Park now includes over 50 retail and leisure units, community spaces, and a recently launched popular weekend food and craft market.

The advisory team was led by Partner Micky Yang, with support from Senior Associate Owen Shave and Trainee Solicitor Charlotte Dunne (Corporate Real Estate), Partner Rachel Kerr (Commercial Development & Investment), Partner Gurinder Mann and Senior Associate Ryan Evans (Real Estate Finance).

Micky Yang commented: "We are delighted to have advised H.I.G. Capital on this project which will transform the local area. It has demonstrated our cross-firm expertise to achieve a successful outcome for both H.I.G. Capital and HUB. We look forward to seeing how the community develops over the coming years and look forward to develop and strengthen our relationship with H.I.G. Capital."

Partner Ian Piggin added: "Our partnership with H.I.G. Capital continues to go from strength to strength and we were excited to once again support the business with this latest arrangement in a thriving part of London. This is a fantastic redevelopment project and one that Micky and the team are proud to have worked on."

Gowling WLG is home to one of the UK's largest real estate practices and our corporate real estate group is an integral part of its success. For further information, please visit our Real Estate page.