BLP advises Clearbell Capital on its Clearbell Property Partners II Fund
International law firm Berwin Leighton Paisner (BLP) advised Clearbell Capital LLP (Clearbell), a private equity real estate fund management business, on the equity raise of its Clearbell Property Partners II fund (the Fund), which reached its hard cap of £400m. The fund was substantially oversubscribed, exceeding its original target of £300m by 33%.
BLP advised from set-up of the Fund through to final close, negotiating with a global investor base advised by firms in Australia, South Africa, US, Canada, Europe and the UK. The majority of investors comprised pension funds, with commitments also being made by not- for-profit organisations, fund of funds and high net worth investors.
The Fund is targeting UK real estate opportunities and has invested £126m across five investments so far, with BLP advising on three of these transactions, being:
- Investment in Monza platform, a business run by Pluto Finance which provides stretch senior debt to residential developers;
- Acquisition of CV portfolio, a 600,000 sq ft portfolio of six office buildings, predominantly located in the South-East of England; and
- Acquisition of 3,4 and 5 Harbour Exchange in London’s Docklands area.
The BLP team was led by Investment Management Partner Justin Cornelius, assisted by Catherine Jefferys, Alex Cunningham and Kieran Saunders and supported by a wider cross-departmental team.
Commenting on the transaction, Justin said: “We are delighted to have supported Clearbell on their highly successful fund raise. The fact that the Fund reached its hard cap of £400m and was oversubscribed will be seen as significant in today’s equity-raising market and encouraging to other fund managers seeking to attract international capital. We are also very pleased to have advised on three of the Fund’s transactions so far, utilising cross-departmental expertise including Real Estate and Finance.”
About Clearbell Capital LLP
Clearbell Capital LLP is a private equity real estate fund management business specialising in UK property investment, development and asset management. The firm is led by experienced real estate investment professionals with long established UK market expertise spanning multiple cycles and across various property types. The five-strong partnership, headed by Manish Chande, also comprises Nick Berry, Sally Doyle-Linden, Rob Mills and Rob West.
Clearbell has capital from investors around the world including pension funds, fund of funds and high net worth investors, investing through the Clearbell Property Partners II fund.
Clearbell seeks to identify undervalued opportunities across a number of property sectors in the UK and to maximise returns by applying its investment and asset management expertise.
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