Mishcon de Reya has advised PRS provider Fizzy Living on the forward funding of 348 units on the Silvertown Way regeneration project in Canning Town.
The units were acquired from housebuilder Galliford Try PLC, working with Opal Land, a joint venture between Thames Valley Housing and Galliford Try PLC’s residential arm, Linden Homes. In the open market the value of the Fizzy purchase would equate to circa £135m.
When complete, the 2.1 hectare Silvertown Way site will have a Gross Development Value (GDV) in the region of £360m and will deliver 1100 homes of mixed tenure across 11 blocks, including a hotel, gym, shops, offices and restaurants.
The Mishcon team was led by Real Estate Partner, Daniel Lipman, with assistance from Real Estate Associate, Ed Hughes-Power; Construction Partner, Simon Hunter; Tax Partner, Jon Legg; Head of Planning, Daniel Farrand; Real Estate Solicitor, Charlie Rawson; and Corporate Partner, Stuart McMaster.
Harry Downes, Managing Director of Fizzy Living commented: "It was, as always, a very impressive performance from the Mishcon team and it was a pleasure dealing with them."
Daniel Lipman added: "It was a pleasure to act for Fizzy once again and to be involved in this significant private rented sector transaction at such an exciting time for the build to rent sector, which continues to go from strength to strength."