Real Estate and Corporate teams advise USS on £250 million joint venture with Assura plc

3 minute read
24 May 2024

Our Real Estate and Corporate teams have advised Universities Superannuation Scheme Limited (USS) on a £250 million joint venture with specialist healthcare property investor and developer Assura to support investment in essential NHS infrastructure.

USS, the principal pension scheme for universities and higher education institutions in the UK, will have 80% equity interest in the JV, while Assura will retain 20%, acting as property and asset manager, receiving asset management fees linked to the valuation of the portfolio.

The partnership will have an initial term of 20 years and will support investment into essential NHS community healthcare buildings, which help to address the current backlog of patients waiting for care. It will be seeded with an initial agreed portfolio of seven assets (£107 million), transferred from Assura’s existing portfolio.

The team advising USS was led by Real Estate partner Dan Gwilliam and Corporate partner Sharon Ayres (Real Estate Investment Funds) with support from partner Lee Nuttall (Tax); legal director James Breffit (Real Estate Funds); principal associates Zoe Johnston and Rebekah Davies, and trainee Alexander Edwards (Real Estate); principal associate Tarfa Ahmad (Construction); and associate Annabel Brown (Corporate).

Dan Gwilliam commented: "We're delighted and proud to have assisted in this joint venture which will directly support the NHS and healthcare sector in improving healthcare infrastructure. The fact that this is a long-term partnership demonstrates the commitment from both USS and Assura for quality healthcare infrastructure for the future. We look forward to seeing the positive benefits this JV will deliver for the UK."

Gowling WLG is home to one of the UK's largest real estate practices. For further information, visit our Real Estate sector page.


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