Knights 1759, the UK’s fastest growing professional services business, has been appointed by First Property Group to act for a newly-formed £180 million property fund, Fprop Offices LP, on its initial investments.
Mandated to invest in office blocks and business parks across England, the fund has a term of seven years.
Knights’ UK-wide real estate team has provided legal services for the acquisition of commercial property on behalf of the multi-million-pound fund.
Investments by Fprop Offices LP may be leveraged up to a maximum loan to the value of 30%, giving the fund initial total buying power of £260 million.
Mark Anton-Smith, office leader for Knights’ Cheltenham office and commercial real estate partner said: “Advising on the complexities of commercial property transactions for clients is the type of work we regularly deliver at Knights 1759.
“In addition to acquisition legalities, Knights has also supported First Property Group with practical and strategic legal advice through our property construction, planning and tax teams.
“Fprop Offices LP will make substantial investments in the UK commercial property sector and will enable First Property Group to significantly grow its commercial property assets under management.”
Ben Habib, chief executive for First Property Group, said: “This new fund represents major progress in the growth of our fund management business, with third party assets under management expected to nearly double. It will also substantially increase our investment in UK commercial property.”
Knights 1759 has been working with property fund manager and investor First Property Group for the past nine years.
Mark Anton-Smith said that the strong-working relationship he has built with First Property Group was the key to securing the new work.
“We are proud to be working with First Property Group on such a dynamic fund which will provide significant investment in the UK commercial property sector,” he added.
Knights 1759 is the fastest-growing professional services business in the UK and operate from six regional offices in Derby, Chester, Cheltenham, Oxford, Newcastle-under-Lyme and Wilmslow.