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Portrait of Phil Nicklin

Phil Nicklin

Head of REITs and Structured Transactions

CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
United Kingdom
Languages English

Phil heads the REITs and Structured Transactions Team within Tax.

Phil was one of the main architects of the UK REIT regime and has been involved in most of the high-profile transactions involving REITs since inception of the REIT regime in 2007.  He advises institutions, fund managers, sovereign wealth funds and private equity funds on structuring institutionally owned REITs.

He has also been one of the Government’s key property tax advisors on the conceptual and technical aspects of many other tax regimes including Non-Resident Capital Gains Tax, Corporate Interest Restrictions, Transactions in UK Land, and the Substantial Shareholdings Exemption. Phil advises funds, REITs and major property groups on these complex areas of tax.

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Relevant experience

  • British Land on its joint venture with GIC, the Government of Singapore’s sovereign wealth fund, over its c.£1bn Paddington Central campus.
  • British Land on its joint venture with AustralianSuper over the 53-acre site at Canada Water, London.
  • Land Securities on its joint venture over MediaCity.
  • Life Sciences REIT on its acquisitions and REIT conversion.
  • British Land on the disposal of its interest in the ‘Cheesegrater’ skyscraper, sold to CC Land for £1.15bn.
  • Land Securities on the disposal of its interest in the ‘Walkie-Talkie’ skyscraper, sold for £1.3bn.
  • Advice on the sale of Battersea Power Station for £1.6bn.
  • Broadgate REIT on the disposal of UBS’s London HQ for £1bn.
  • Structuring the Broadgate REIT which holds c. £4bn of property, and is jointly owned by British Land and GIC.
  • Annington on its £4bn refinancing.
  • UPP on structuring an institutionally owned £3bn student accommodation REIT.
  • Conversion of Capco into a REIT owning c.£3bn of assets in Covent Garden.
  • Hammerson on the disposal of a 50% stake in Highcross Shopping Centre in Leicester for £236m.
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  • 1994 – Fellow (by thesis), Chartered Institute of Taxation
  • 1983 - Fellow, Institute of Chartered Accountants in England and Wales 
  • 1977 – BSc. (Hons) Pure Mathematics, Birmingham University  
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