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Stephenson Harwood LLP advises on M&G and TPG real estate joint venture
Law firm Stephenson Harwood LLP has advised M&G Real Estate (M&G) on a c. £700 million joint venture with TPG Real Estate, the real estate platform of the global alternative asset management firm TPG.
The joint venture will manage and grow M&G's ‘Active Growth Logistics Partnership’ (AGLP), the UK's fourth-largest multi-let industrial portfolio at 6 million square foot, occupied by 630 businesses. TPG Real Estate has acquired a 50% equity stake in AGLP from M&G, with M&G retaining 50% and remaining as asset manager on the portfolio.
The joint venture will drive further value across the platform, including a planned £53 million programme to strengthen asset quality and sustainability.
Client relationship partners Simon Brading and William Saunders led the Stephenson Harwood team advising on the transaction, with support from tax partner John Meehan.
