Hogan Lovells has advised U and I Group PLC (U+I), a specialist regeneration and property developer, on its new 50:50 joint venture platform (the partnership) with a controlled affiliate of Colony NorthStar Inc. (Colony NorthStar).  The new partnership is a specialist platform that will invest up to €300m in the London City Region, Manchester and Dublin office markets.  Based in the U.S., Colony NorthStar is a leading global real estate and investment management firm.

Investing in underperforming office buildings in three core markets, the joint venture will aim to deliver modern, high quality office space through improved planning, development, refurbishment and asset management.

The transaction was led out of Hogan Lovells’ London office by real estate finance partner Andrew Flemming, with partners Nicola Evans (corporate), Dion Panabalana (real estate) and working in closely with the Hogan Lovells Luxembourg office.  William Fry provided Irish law advice.

Commenting on the deal, Andrew Flemming, said: 

"This new joint venture takes advantage of the ever increasing demand for high quality office space in areas where there is limited availability for new buildings. We are delighted to have acted for U+I in putting together this project and continue to grow our relationship with them. Their core skills of regeneration and asset management combine very well with a leading financial player like Colony NorthStar and will provide modern office space that is required for today's workspace needs."

The joint venture has been seeded with several assets, including Donnybrook House in Dublin and The Record Store at The Old Vinyl Factory in London. The Record Store is being renovated to create 60,000 sq. ft. of creative office space as part of U+I’s wider transformation of the 17-acre site. In Dublin, U+I is refurbishing Donnybrook House, a 72,000 sq. ft. vacant building in a prominent central location, to meet the demands of creative and tech-focused businesses.