Macfarlanes has advised NatWest Pension Trustee Limited (NWPTL), the trustee of the NatWest Group Pension Fund on a 15-year joint venture with financial services company Legal & General.
The joint venture will invest GBP500 million of equity to build net zero carbon, later living communities which will be developed and operated by Inspired Villages. The joint venture aims to develop a portfolio of 34 sites, with around 5,100 homes and 8,000 residents.
The Macfarlanes team was led by head of the private equity real estate team Robert Porter and private equity real estate senior solicitor Shane Mitchell. Real estate advice was provided by partner Anthony Burnett-Scott with assistance from senior solicitors Emily Walker and Jim Roberts, and corporate and M&A advice was provided by solicitor Tom Trotter. Construction advice came from partner Angus Dawson and commercial advice was provided by partner Will Hedges and senior solicitor Jonathan Morgan. Advice on the finance elements was provided by partner Laura Bretherton with assistance from solicitor Liam Preston and tax expertise came from senior counsel Kirsten Prichard Jones. Employment advice was provided by partner Hayley Robinson and solicitor Olivia Wistow-Hughes with pensions assistance from senior counsel Sheamal Samarasekera.
Porter says: “We are delighted to have advised NatWest Pension Trustee Limited on its latest joint venture with Legal & General, which seeks to address the shortage of housing for older people in the UK in a sustainable way.”