Lawyers from the Birmingham office of DLA Piper have reported a bumper summer season for providing real estate tax advice, having acted on a trio of national deals worth almost £500 million.
The DLA Piper tax team represented Blackstone in its sale of Nido Student Living to Roundhill Capital for a sum in excess of £400 million - the largest deal ever undertaken in the student sector to date. The Birmingham team led on the tax elements of the disposal, working as part of a national team from across DLA Piper’s UK offices including specialists in corporate, intellectual property and technology, employment, pensions, real estate and real estate finance.
The Birmingham office also provided the lead on tax advice for the £62 million acquisition of the 176,000 sq ft former BBC Costume Store in Acton, West London, working alongside a wider team from DLA Piper’s offices in Sheffield and Leeds.
DLA Piper advised the purchasers Unicity II Acton, a Luxembourg incorporated special purpose vehicle being a subsidiary of a Luxembourg Fund controlled by Oaktree Capital. The property is managed and operated in the UK by Knightsbridge Student Housing and The Student Housing Company.
In the third major real estate deal of the summer the Birmingham tax team worked closely with lawyers from DLA Piper’s Liverpool office to advise the Universities Superannuation Scheme on the sale for over £20 million of three office buildings at Stockley Park, Heathrow to Luxembourg entities controlled by CarVal Investors.