Iain C.S. Morpeth
Iain Morpeth is head of the firm's international real estate investments & transactions group and a partner in the London office.
He advises private funds, investment banks, endowments, sovereign wealth funds and other investors as well as sponsors and operating partners on real estate related transactions.
Iain’s clients include Siguler Guff, MSREF, Harvard, Pimco, APG, KIC, Divco West, Avenue Capital, Queensgate Investments, DPK, Proprium Capital and one of the largest global hedge funds.
Iain has a wide experience of transaction types including real estate M&A, real estate private equity, joint ventures, co investment, acquisitions and disposals of shares, debt and property assets, development projects, earn outs and PFI as well as preferred equity, mezzanine lending, restructurings, structured finance, work outs and outsourcing.
Transactions include those relating to both distressed and non-distressed real estate, at all points of the risk spectrum and across multiple geographies. They involve all types of real estate including commercial, leisure, hotels, pubs, care homes, hospitals, student housing and government property and include portfolios, mortgages and NPLs as well as construction and development projects.
- Dutch pension Fund APG on its €450m joint venture through an ICAV with Hines Ireland to develop three sites in the Cherrywood project in Dublin, Ireland for multi-family, retail, hotel and student housing and the parties’ € 300m subscription commitment to fund construction
- Dutch pension Fund APG on its 75% investment joint venture through a unit trust fund structure with a THRE sponsored fund to redevelop the Edinburgh St James Shopping Centre, a £1.2bn project and one of the largest UK regeneration schemes, and the parties’ £800m equity subscription commitment to fund construction
- Proprium Capital on the exit from the consortium interests held by Morgan Stanley Special Situations Fund in the £1.2bn Walkie Talkie building at 20 Fenchurch Street, London
- A large US investment fund on its 50:50 joint venture with Ares Management to acquire the Nova Eventis shopping centre near Leipzig, Germany, for around €200m
- A global hedge fund on multiple UK and European investments into various real estate transactions with operating partners
- Expansion Properties on their London core property investment programme
- A sponsor on its acquisition of the £205m rump Invista Real Estate portfolio and the arrangements with the mezzanine lender for the work out of the portfolio
- A US REIT on its acquisition of Buckingham Properties Limited, a company owning various investment interests in 123 Buckingham Palace Road, London, for £200 million
- Gaw Capital on its acquisition of the units in Elizabeth Bridge Unit Trust, a JPUT owning various investment interests in 151 Buckingham Palace Road, for £256m
- A US endowment on its participation in various UK real estate based transactions
- Siguler Guff on its opportunistic UK and European investments with various operating partners into real estate transactions
- Pimco on various investments with operating partners into UK and European real estate and NPL transactions
- Avenue Capital on the acquisition and financing by Hawthorn Leisure Limited, a portfolio investment company, of two pub portfolios for circa £100 million
- A private fund on its bid to acquire a student housing group for £500 million and its £1.25bn bid for the MOTO Group
- A special situations fund on various single asset and programmatic joint ventures as capital partner with operating partners
- Barchester Group on the sale of its propco owning a £1.46 billion portfolio of 140 UK care homes and its tenant credit leaseback and on negotiations with the swap provider to roll the RPI indexation swap to the new owners
- A PERE Fund on the sale of Executive Offices Group, a high end London serviced offices provider with a portfolio of owned West End and City properties for circa £260 million to Queensgate Investments
Notable transactions in which Iain was involved prior to joining the firm include:
- An investment consortium on its acquisition of a £450 million distressed mortgage loan from Lloyds Bank secured on Bank of America’s European headquarters at 5 Canada Square, Canary Wharf, the largest single asset distressed mortgage acquired in the UK market
- Meridian Delta Consortium (Lend Lease and Quintain Estates) on the joint venture and acquisition of the Millennium Dome, now O2 Arena, and Greenwich Peninsula from the UK Government including negotiating earn out contracts with an anticipated cashflow of £3 billion
- Al Sawadi Investment and Tourism LLC on the US$15 billion Blue City Project in Oman, including the initial $2.6 billion construction project and a circa $1billion construction financing for Phase 1 along with the arrangements for installation and financing of power, water, roads, utilities and other infrastructure
- Tishman Speyer and UBS on the four party consortium acquisition of CityPoint Jersey Unit Trust for £520 million, a unit trust owning the London CityPoint building, advising the sponsors on the consortium arrangements and subsequently advising on its exit to Beacon Capital for over £600 million
- A Dutch pension fund on its 90/10 joint venture with Bovis Lendlease to acquire a company indirectly owning 25 PFI contracts in the UK medical and education sectors with a gross value of about £240 million
- A special situations fund on its participation in a four party syndicate investing into a joint venture with Land Securities to develop the “Walkie Talkie” office building in London
- Goodman Group and Barclays UK Pension Fund on their disposal of Regent Residential Unit Trust to Westbrook Partners, the trust being a leading investor in London and Home Counties residential let property
- Standard Chartered Bank on the back to back forward purchase from City of London Offices Unit Trust and the finance sale and leaseback with Irish investors of its new European headquarters at 35 Basinghall, EC1 for circa £300 million
- Contributing Editor, International Comparative Legal Guide to: Real Estate 2018, Global Legal Group
- Contributing Author, “Chapter 1: Real Estate Joint Ventures: New Paradigm or Passing Fashion”, International Comparative Legal Guide to: Real Estate 2018, Global Legal Group
- Quoted, “The art of the joint venture,” Real Estate Investment Times (June 27, 2017)
- Author, “European Private Real Estate Market in Focus,” Preqin Global Real Estate Report (2015)
- Quoted, "Investments and acquisitions in the real estate sector," Financier Worldwide (June 2015)
- Contributing Author, Property Joint Ventures: Structures and Precedents, Sweet & Maxwell