First UK real estate venture for the Singaporean investment firm

Eversheds Sutherland has acted as lead legal advisor for Elite Partners Capital on its first UK real estate venture with the acquisition of 97 property assets across the UK through a managed fund.

Elite Partners Capital, an asset management and investment institution based in Singapore, purchased the “Hayhill Portfolio” from Telereal Trillium for £280m through its Elite UK Commercial Fund.

The portfolio includes 97 properties on recently leased office space, primarily to government departments across the UK. Two thirds of the assets are based in the Midlands, the North, Scotland and Wales, and 85% of assets have a Jobcentre Plus facility on site.

A cross-practice team of over 40 lawyers at Eversheds Sutherland provided corporate, real estate, tax, funds and banking advice throughout the transaction.

The global legal practice led on the transaction alongside EY and Allen & Gledhill. This is Eversheds Sutherland’s second major transaction acting opposite Telereal Trillium in 2018, having advised Network Rail on the £1.46bn sale of its commercial estate portfolio to Telereal Trillium in September.

Lee Jackson, Real Estate Partner, said:

“This transaction required particularly complex, multi-discipline, cross-border knowledge and evidences our ability to deliver structured real estate investment deals for international clients, particularly new entrants to the market. The deal necessitated that our experts across different teams and offices worked seamlessly to deliver a successful outcome on this landmark deal for Elite.”

Victor Song, Chief Executive Officer and Managing Director at Elite Partners Capital, said:

“This is our first investment in the UK as we bid to acquire further income-generating portfolios to deliver a strong and sustainable long-term return for our investors.”