Firms: Norton Rose Fulbright (L1 Capital UK Residential Property Fund)
Deal: Specialist fund manager L1 Capital has established its own residential property fund in the UK.
Area: Finance, corporate
Key players: The NRF team advising L1 Capital was led by Sydney-based partner Fadi Khoury.
Deal significance: Established in 2007, specialist fund manager L1 Capital manages money for clients, including large superannuation funds, financial planning groups, family offices and high-net-worth individuals.
NRF partner Fadi Khoury, who advised L1 Captial on the creation of its UK residential property fund, said the deal intended to take advantage of long-term investment opportunities.
“Sophisticated investors continue to be drawn to residential property investment. I am proud to be associated with this dynamic team as they deploy their strong investment track record and experience in a Brexit environment in the UK residential property market,” Mr Khoury said.
L1 UK Property Investments, the group’s property arm, will manage the new fund formed. According to the fund’s manager, the UK residential property outlook is compelling. A statement released by NRF said that a combination of high rental yields, low borrowing costs and attractive long-term housing supply and demand dynamics supported this view.
The executive director of L1 Capital, Joel Arber, said that the new diversified portfolio of residential property across the UK would provide investors with a high target return.
“The design of the fund reflects best practice from a governance perspective, developed by L1 UK Property Investments, in conjunction with Fadi as our strategic legal adviser, leading professional trustee firm Equity Trustees and global administrator, Apex Fund Services,” Mr Arber said.