International law firm CMS has advised Canadian public pension fund the “Public Sector Pension Investment Board” (PSP Investments) and global real estate company QuadReal Property Group (QuadReal) on the signing of its conditional agreement with Unibail-Rodamco-Westfield (URW) to form the “Cherry Park Partnership”.
The Partnership will deliver the development and management of a £670m Private Rented Sector (PRS) residential scheme, adjacent to Westfield Stratford City in London. It will be one of London’s largest single-site PRS schemes.
PSP Investments and QuadReal will each take a 37.5% share in the Cherry Park Partnership, while Unibail-Rodamco-Westfield will retain a 25% share and be appointed as the development and asset manager.
The Cherry Park Development will feature approximately 1,200 new homes benefiting from a suite of amenities including a residents’ gym, swimming pool, workspace and high-quality public areas. Construction work is set to start in Q2 2019, with a phased completion and a delivery expected post 2023.
CMS’ role included advising on the joint venture between PSP Investments, QuadReal and URW as well as real estate and construction due diligence. The team was led by CMS Head of Funds and Indirect Real Assets Amanda Howard, and included Mark Haywood, David Parton, Cheryl Gurnham, Nick Burt, Will Lawrence and Tanya Francis.
Completion of the formation of the Cherry Park Partnership is subject to customary conditions precedent.