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Hogan Lovells Advises LaSalle Investment Management and Aberdeen Asset Management on £30m Investment

31 January 2011

LONDON, 31 January 2011- Hogan Lovells has acted for pension funds advised by LaSalle Investment Management (LIM) and Aberdeen Asset Management (Aberdeen) on a joint £30m investment in the Welbeck Strategic Land Partnership alongside the Howard de Walden family and Welbeck Land management.

The Partnership has engaged Welbeck Strategic Land, led by former Lovells head of real estate Robert Kidby, to find and manage suitable investments focusing mainly on London and the South East. The partnership enters into "promotion and option agreements" with landowners to obtain planning permission on land that has been identified in local planning policies as suitable for housing. When it gains permission, the sites can then be sold to a housebuilder. The partnership will recoup its outlay on planning, and also take a share of the sale price.

The Hogan Lovells team acting for the funds included Francis Giacon, partner and Phil Webb, senior associate in Hogan Lovells real estate team, with Financial Institutions partner James McDonald.

Commenting on the transaction, Francis said:

"We are delighted to have been able to advise two long-standing clients on this important transaction. For one of them, this is its first investment in strategic land for residential development, demonstrating the continuing value of residential property."

ENDS

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