BLP advises CBRE Global Investors on new flagship £1.4bn fund
International law firm Berwin Leighton Paisner (BLP) has advised CBRE Global Investors on the merger of the CBRE UK Property Fund and the Electricity Supply Pension Scheme property portfolios to create a £1.4bn flagship fund, called the CBRE UK Property PAIF.
The creation of this PAIF is reflective of the appetite of investors for scale and simplicity and is regulated by the Financial Conduct Authority (FCA).
Kate Binedell, investment management partner and lead, commented: “This is a strategically important fund to CBRE Global Investors and a significant landmark for the industry. This simplified and flexible fund structure will allow CBRE Global Investors to grow its investor base and reap long term benefits.”
Manu Chopra, UK General Counsel, CBRE Global Investors commented: “This merger establishes the PAIF as one of the major players in the UK market. The cross-practice team at BLP worked tirelessly to achieve this outcome and their creative and commercial approach was instrumental in helping us get this important deal over the line.”
The cross-departmental BLP team advising CBRE Global Investors was led by Kate Binedell assisted by senior associate, Louisa Cobbe, with Paul Shaw advising on tax and Matthew Baker on the financial services regulatory aspects.