Real Estate Funds

At Stephenson Harwood, we focus on your real estate fund’s success, offering practical, tailored advice at every stage.

Our team partners closely with you, guiding you through fund formation, structuring, and launch to ongoing advice throughout the life of the fund. Whether you’re setting up REITs, offshore funds, authorised or unauthorised unit trusts, open-ended investment companies (including PAIFs), long-term asset funds (LTAFs), reserved investor funds (RIFs), limited partnerships or joint ventures, we have the expertise. In addition to our specialist funds, corporate and real estate lawyers, we draw on our real estate tax and regulatory experts to ensure you choose the right vehicle.

When it comes to transactions, we help you make confident property decisions, advising on acquisitions, disposals, and investment management both in the UK and internationally. Our specialists handle all tax aspects, including property securitisation, SDLT, VAT planning, and capital allowances, helping you maximise returns and manage risk. For real estate development, we support you from site acquisition to sale, including joint ventures, planning, and construction. Our planning lawyers deliver fast, strategic advice to maximise your chances of success, whether you’re a developer, funder, or occupier.

‘

Great at guiding you through the legal process and bring a great deal of commercial advice to the transaction.’

Chambers UK 2025

Environmental compliance is critical; we provide clear guidance on emissions, contaminated land, and regulatory obligations to protect your investments and reputation. If disputes arise, our experienced litigators work tirelessly to resolve issues quickly and favourably, ensuring your interests are always protected.

Our Services

Advising on the structuring and launch of new real estate fund vehicles.

Swiss Life continuation fund
Acted on the launch of a continuation vehicle for a Swiss Life-managed fund and the acquisition of its initial assets.
Schroders Capital and launch of private REIT and JPUT structure
Acted on the establishment of a new fund structure to hold a portfolio of self-storage assets.
Special Opportunities REIT plc IPO
Advised on the launch of a listed REIT which was incorporated to invest in high-quality properties being sold by distressed and/or highly motivated sellers and which was targeting a fundraise of £500 million.
Schroder European Real Estate Investment Trust plc IPO
Acted on the launch of a REIT traded on both the London Stock Exchange and the Johannesburg Stock Exchange.

Advising on the purchase and strategic expansion of real estate and related assets.

Swiss Life Thematic Growth Fund LP self-storage acquisitions
Advised on acquiring and restructuring self-storage assets.
Civis PFI/PPP Infrastructure Fund student accommodation and school acquisitions
Supported in acquiring student accommodation and school projects.
Schroders Capital
Advised Schroders Capital on the set-up of a private REIT and the acquisition of its seed portfolio.
LaSalle Investment Management acquisition
Acted on the purchase of Intu Bromley shopping centre and Golden Square shopping centre.
Tristan Capital
Advised on the acquisition of a portfolio of care homes.
Real estate credit fund acquisition
Advised on credit bid acquisition of a mixed-use development site in central London.

Guiding clients through the sale and realisation of real estate investments.

The Prudential Assurance Company Limited disposal and launch of JV
Advised on the sale of its c. £700 million property portfolio to a newly-established joint venture between PACL and TPG Real Estate.
Schroders Capital UK Real Estate Fund sale of 1 Ruskin Square
Advised on the £115 million sale of a major office building.
PME Africa Opportunities PLC asset realisation
Helped realise its final asset in Tanzania, coordinating a multi-jurisdictional sale.
Inspired Education acquisition of Alpha Plus Group
Managed complex pre-completion asset transfers.

Structuring and securing complex financing solutions for real estate portfolios.

LXi REIT refinancing of long income portfolio
Advised on refinancing over £770 million of its portfolio.
Rynda Healthcare care homes financing
Supported in financing a portfolio of care homes.
Schroders Real Estate Investment Trust financing
Acted on the financing of a mixed-use property portfolio.

Supporting the development, construction, and repositioning of real estate assets.

Schroders Capital UK Real Estate Fund development and sale of 2 Ruskin Square
Supported in forward funding, pre-letting, and sale.
Aver Property logistics portfolio development
Advised on developing and letting logistics sites.
Inspired Education acquisition of Alpha Plus Group
Managed complex pre-completion asset transfers.

Navigating legal and regulatory complexities in high-profile mergers and acquisitions.

Custodian Property Income REIT merger with abrdn Property Income Trust
Managed legal, regulatory, and due diligence aspects of a £1 billion merger.
LXi REIT plc
Advised on all aspects of its recommended share and partial cash alternative offer for Secure Income REIT plc – a transaction that created a top 10 UK REIT with a property portfolio of approximately £3.9 billion.
Custodian REIT plc
Advised Custodian REIT on its recommended £21.4 million takeover of Drum Income Plus REIT plc by way of scheme of arrangement.

Crafting robust management and governance frameworks for real estate funds and assets.

Home REIT plc crisis support and regulatory guidance
Guided through regulatory and reputational challenges.
Schroder Real Estate Investment Trust Limited investment policy change
Guided through a policy shift to align with ESG targets.
Grit Real Estate Income Group Limited related party transactions
Ensured compliance with UK Listing Rules and enabled strategic asset recycling.