Global law firm Clifford Chance have advised Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing, and Ridgeback Group on the acquisition of the Private Rented Sector (PRS) business of London & Quadrant Housing Trust (L&Q), which trades as Metra Living, for a total enterprise value of £1.045 billion.
The transaction includes a portfolio of approximately 3,200 homes across Greater London, as well as its fully integrated operating platform, team and £300 million of external debt facilities.
The Clifford Chance team was led by partner Franc Peña supported by director Alice Raine, senior real estate counsel Sarah Thomas and senior associate Manuel Ponces Magalhães. Tax advice was provided by partner David Saleh and director Paul Harrington. Partner Barry O’Shea supported by Director Anisa Dudhia and associate Cicely Kilgarrif advised on the financing elements.
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