Mandats représentatifs
Real Estate team advises Ridgeback and Morgan Stanley on £1.045 billion private rented sector acquisition
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Our Real Estate team has advised Ridgeback Group and Morgan Stanley Real Estate Investing on the acquisition of London & Quadrant Housing Trust (L&Q) private rented sector business, Metra Living, for a total enterprise value of £1.045 billion.
The transaction includes around 3,200 homes across 52 assets in Greater London, as well as Metra Living’s fully integrated operating platform, team and £300 million of external debt facilities.
The acquisition gives Ridgeback and Morgan Stanley immediate large-scale exposure to London’s rental market and is one of the UK’s largest single private rented sector transactions. Metra Living was established in 2015 and has grown into a scaled, institutionally managed platform focused on high-quality rental housing.
The cross-firm team brought together more than 60 lawyers and specialists from real estate, planning, construction, building safety, commercial, health and safety, energy and tax, demonstrating the depth and breadth of Gowling WLG’s fully integrated real estate offering.
The project was led by Real Estate Partner Nick Mumby, supported by Real Estate Partner Khalil Ahmad and Principal Associate Zoe Johnston, Construction Partners Gemma Whittaker and Philip Baker, and colleagues from the wider real estate sector team.
Morgan Stanley Client Partner Khalil Ahmad commented:
“We are delighted to have supported Ridgeback and Morgan Stanley on this landmark transaction, which brings together a high-quality residential platform with significant institutional investment. The scale of the acquisition reflects the continued strength of demand for professionally managed rental housing in London and the confidence investors have in the long-term fundamentals of the UK private rented sector. It also demonstrates the breadth of Gowling WLG’s support, with colleagues from across the firm bringing their specialist expertise together to deliver a complex transaction at scale.”
Gowling WLG is home to one of the world’s strongest multi-disciplinary real estate teams, combining deep sector expertise with the wider capabilities needed to deliver complex, high-value transactions. Explore our Real Estate services to learn more about our work.
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