Macfarlanes has acted for Legal & General Property ("LGP") on the acquisition of the Bishopsgate Long Term Property Fund Unit Trust and its portfolio of 24 commercial properties located across the UK, which it purchased for around £370m.

The portfolio will be held through a Jersey limited partnership, with Dutch pension fund manager PGGM and Legal & General Capital acting as limited partners, and LGP acting as the fund manager.

The portfolio is diversified both geographically and by sector and arranged over 1,543,217 sq ft, including two prime London offices located in Covent Garden and Kensington.

This transaction involved experts across corporate, property, tax, banking and funds at Macfarlanes.  The Macfarlanes team comprised M&A partner Luke Powell, investment funds partner Alex Amos, real estate partners Anthony Burnett-Scott and Dominic Cunliffe, tax partner James McCredie and banking partner Jat Bains.

Luke Powell commented: “This sort of structured real estate transaction is exactly the sort of work we’re delighted to help our key client L&G with.  It allowed us to pull together all of the expertise which we have in M&A, tax, funds, banking and real estate in a challenging time frame and helped L&G win out in a competitive bidding process”.