Allen & Overy has advised Lone Star on its £1bn acquisition of ‘Project Laser’, a portfolio of UK real estate assets from Moorfield’s first maturing private equity funds.

The transaction was financed with a three-year £593m loan from RBC Capital Markets and Wells Fargo.

Lone Star Real Estate Fund III will acquire the ‘Project Laser’ property portfolio, which is comprised of the majority of assets in Moorfield Real Estate Fund (MREF) and Moorfield Real Estate Fund II (MREFII). The portfolio includes a mix of hospitality assets, business parks, offices, student accommodation and residential developments in the UK. The team was led by partner George Knighton and senior associate Lee Noyek. Partners Arthur Dyson and Chris Woolf led on the real estate and finance, supported by senior associates John Coburn and Emma Willoughby. Tax advice was provided by partner Jean Schaffner and senior associate James Burton.