International law firm CMS is advising DTZ Investors (DTZ), a full-service real estate investment manager, on the £70m forward funding for the development of a 310-room scheme in Earlsfield, London. DTZ will fund the scheme via their COLIV fund, which they set up in October 2019, and the development will be undertaken by The Collective, who will act as the fund’s asset and property manager.
Situated in Trewint Street, The Collective Earlsfield is the second co-living asset in the COLIV fund. The development will provide 35% on-site affordable housing targeted at key workers and will also offer extensive indoor and outdoor communal spaces designed to bring the community together. More than a quarter of the 120,000 sq. ft space will be dedicated to amenities, including a café, library and cinema room. Upon completion of the development, The Collective will continue to operate the site.
John Cumpson, CMS partner and Head of its Real Estate Group, comments: “This is another great example of the collaboration between DTZ and The Collective in bringing forward an exciting new co-living development. It has been a pleasure to support DTZ on the acquisition, development and financing of the fund’s second asset and we look forward to seeing their vision for co-living and the creation of real communities being brought to life.”
Christian Birrell at DTZ adds: “We have been delighted with the support from the CMS team, who provided pragmatic advice and demonstrated a real understanding of our vision for this project. This is an exciting development and the co-living spaces will have a positive impact on the local community by offering residents new opportunities to connect and collaborate.”
The CMS team was led by John Cumpson and Victoria Henry and supported by Cheryl Gurnham, Erin Goodall and Sarah Jury (Real Estate); Laurence Isaac (Funds); Nick Burt and Emma Tuppen (Tax); Clive Swillman and Catrin Evans (Banking); and Penny Moore (Construction).
CMS has 650 real estate lawyers globally and the largest real estate team in Europe, with top tier rankings across the real estate sector in Chambers and Legal 500 UK and Europe.