Wragge & Co advises St. Modwen on £300 million joint venture with Persimmon

Wragge & Co's real estate specialists have advised UK property investment and development company St. Modwen on a joint venture with housebuilder Persimmon to develop 2,000 homes across seven sites in England and Wales.

The venture involves the joint venture partners developing and building homes on 120 acres of land owned by St. Modwen, including sites at Coed Darcy in south Wales and Longbridge in the Midlands. Further schemes can also be added to the joint venture in due course. When completed (by 2015), the scheme is expected to have an end value of more than £300 million.

Real estate partner Peter Thorne led the project, assisted by construction director Patrick Garner, real estate tax experts Lee Nuttall and Chris Nyland and real estate associate Rita Vartoukian. The team worked closely with St. Modwen Properties PLC director Stephen Burke, residential property director Guy Gusterson and construction manager Neil Williams. Hammonds advised Persimmon.

Peter Thorne said: "This is a strategically important investment for St. Modwen, requiring the specialist real estate, construction, environmental and tax know-how we are known for. Having worked with St. Modwen for more than 20 years, we work as part of its team, creating an innovative and beneficial structure to ensure maximum flexibility and see that the project is a success for both parties."

With seven regional offices across the UK, St. Modwen is one of the UK's leading regeneration specialists. Wragge & Co has advised St. Modwen on the acquisition, redevelopment and regeneration of a portfolio of disused sites across England and Wales.

Stephen Burke said: "We have worked with Wragge & Co for many years and their experience and understanding of our objectives is extremely beneficial. Their team integrated with our own deal team to provide the specialist knowledge and commitment against very demanding timescales to ensure this significant joint venture could happen."

Wragge & Co's full-service Real Estate group includes experts across 15 specialist areas, such as commercial development, investment, planning and regeneration. With more than 140 lawyers, the group is skilled in managing large, high-value, complex projects involving multiple land uses and multiple parties.

Last month the team advised property development company Argent on the £190 million sale of eight buildings in Birmingham's mixed-use development, Brindleyplace, and advised E.ON on its new £30 million Nottingham office.