21 April 2021
Maples Advises Apache Capital on Glasgow Build-to-Rent Joint Venture
Maples and Calder, the Maples Group’s law firm, is pleased to have advised Apache Capital Partners (“Apache Capital”) on the Jersey legal aspects of the debt and equity funding of its build-to-rent (“BTR”) joint venture development in Glasgow.
Apache Capital and its development partner, Moda Living, purchased the Glasgow site in 2016. The scheme, known as Holland Park, will see the former Strathclyde police headquarters replaced with 433 homes for rent with an expected completion date in 2023.
Notably, this development is the fifth project funded by the BTR joint venture between Apache Capital and Harrison Street, with equity also being provided by NFU Mutual. In addition, debt funding is being provided by BentallGreenOak. Other sites being funded by the joint venture include The Lexington in Liverpool, The Mercian in Birmingham, New York Square in Leeds, and Springside in Edinburgh, representing a total of 2,322 homes.
A multi-disciplinary team based in the Group’s Jersey office advised Apache Capital on this transaction and was led by Finance Partner, Mark Crichton and Associate, John Burns. The team provided Jersey corporate, finance (including Islamic finance) and funds legal advice to support the smooth closing of the transaction.
Commenting on the transaction, Mark Crichton said, “We were delighted to once again assist the team at Apache Capital. This is the largest transaction to date in the growing relationship between Apache and the Maples Group and further highlights the continuing attraction of Jersey for structuring complex real estate fund structures.”
Mark Peck, Transactions and Structuring Director, Apache Capital commented: “Working with the Maples Group gives us one key partner contact across all Jersey workstreams, which greatly assists with the smooth running of complex transactions such as this.”
In 2020, the Maples Group’s Jersey and Dublin teams advised Apache Capital in relation to sale of office buildings at Grenville Street, Jersey.