DLA Piper has advised Mace Real Estate on a joint venture agreement with an affiliate of Realstar Group, for the delivery of a 45 storey tower at Newington Butts in Elephant and Castle.

The development which has been heralded by the Mayor of London, Boris Johnson as "ground-breaking" due to its scale and supply of private residential sector accommodation (PRS) to the city, will have a GDV of over £200m.

Designed by Rogers Stirk and Harbour, the scheme will comprise of 457 units of housing, theatre space and a café, and forms part of Greater London Authority's continued commitment to the release of public land for development.

The DLA Piper team was led by partner Jonathan Northey, alongside senior associate Gareth Williams in the Real Estate team, partner Laurence Rogers and senior associate James Kilgour on the real estate investment side, senior associate Louise Barbour from the corporate team and planning lawyers Vanessa Ralph (senior associate) and solicitor Jim McAvan.

Jonathan Northey stated: "We are delighted to have supported Mace, on their second public land deal with Greater London Authority and to have been involved in the delivery of this ground-breaking institutionally-financed PRS scheme,"

Realstar will provide the funding for the development and Mace have been appointed as development manager and building contractor.

David Grover, COO of Mace Investment added,: "We have worked with the same legal team on a number of transactions now and they have done a stellar job getting us into contract on this particular complex property acquisition and forward fund deal."