REAL ESTATE TEAM OF THE YEAR 2018

CMSWINNER

This year’s real estate team of the year goes to CMS, for acting on the largest fully funded private rented sector development in Manchester to date. The firm’s work on Circle Square, a sprawling new neighbourhood constructed on the former BBC site in the heart of Manchester, compelled the judges to comment that “few firms can deliver such an integrated service”.

Partner Peter Winnard led a firm-wide team consisting of planning, environmental, procurement, real estate, tax, finance, commercial and corporate specialists in acting for a joint venture for developers Select Property Group (SPG) and Bruntwood.

Circle Square had a number of complex demands, including the creation of a bespoke estate/development structure which both accommodated the site-specific requirements of the development, whilst remaining institutionally acceptable.

The team ensured that SPG did not pay a “premium” fee for work completed in Manchester, if the relevant specialists happened to come from London. The whole CMS team (across Manchester, London and Sheffield) worked at the rate agreed with SPG for CMS Manchester and not the higher London rates.

When completed, the £750m development will spring into a vibrant community consisting of housing, retail and commercial (1,300 homes, 100,000 sq ft of retail space and 1.2m sq ft of Grade A offices).

The judges commented that CMS completed a “highly complex but significant transaction involving multiple parties and joint ventures to create regeneration and growth for Manchester. The development was an example of “excellent collaboration and fostering of relations with other parties externally counsel evidenced by GC supporting reference”.

Highly commended: Eversheds Sutherland.

Eversheds Sutherland, led by partner Nick Bartlett, spearheaded a supersonic deal in the student housing market, between private equity company LetterOne and the Pure Living Student business to IQ for £870m. The deal allowed IQ to become the largest provider of student accommodation in London. The judges said that this was a “really impressive entry by Eversheds” and “the fact that the client still paid the upper cap to Eversheds despite coming in under the budgeted fees is a clear sign of the remarkable work undertaken by the lawyers”.

Commended: Hogan Lovells

Hogan Lovells, led by head of real estate Daniel Norris, secured planning permission for AFC Wimbledon to construct a new, £25m, 20,000-seat stadium back at its old home near Plough Lane. For his part in the club’s revivification, it came as a boyhood dream for Norris,a lifetime supporter of the Wombles. A judge commented that they were “particularly impressed by the human element to this submission and willingness to offer an innovative pricing structure to facilitate the transaction”.