Property developer Downing has sold five properties from its portfolio to Greystar Real Estate Partners in a deal worth £388 million, as it focuses on future growth.
Commercial law firm Hill Dickinson led on the provision of legal advice to Downing, which will now look for opportunities to grow its development programme further.
The disposals mark the continued expansion plans of the Liverpool-based property group, which currently has more than £1 billion-worth of developments in the pipeline at sites across the UK.
US based Greystar Real Estate Partners operates in the investment, development, and management of high-quality rental housing. The properties it has acquired from Downing are four purpose-built student accommodation buildings including Holbrook and Pound Field London, City Point in Coventry and River Street Tower in Manchester and a build-to-rent asset, City Club in Coventry.
The Hill Dickinson team was led by head of Business Services Craig Scott and legal director Richard McKay, assisted by senior associate Katy Oakes and apprentice solicitor Nick O’Shaughnessy. Richard Capper, head of Banking and Finance and senior associate Rebecca Layton handled the banking side of the deal.
Other firms involved in the deal were DLA Piper, which advised Downing on property aspects of the transaction, and Brabners, which advised on construction matters. Jones Day acted for Greystar.