Olswang advises on high profile £475 million property investment fund - News

Highlighting the firm's developing reputation in the investment funds market, Olswang has acted for Nick Leslau's property company, Prestbury, and set up a £475 million property investment fund, Prestbury I Limited Partnership.

Nick Leslau, one of Britain's best-known property entrepreneurs, has set up the fund with a number of high profile partners including Baugur, HBOS and West Coast Capital to invest in real estate opportunities.

The investment funds market is a key area of growth for Olswang. The firm recently boosted its capability with the appointment of partner Andrew Wylie, who was recruited to develop and expand the firm's investment fund offering. Olswang currently advises on a variety of funds including private equity funds, property funds and tax advantaged schemes and is committed to increasing its client base in this area.

Duncan McDonald, corporate partner at Olswang, said, "Olswang's aim is to be recognised as one of the premier firms in the investment funds market and the success of the Prestbury fund showcases our expertise in this area. The firm has been a key adviser to Prestbury for three years and is pleased to diversify our growing relationship by setting up this strategic fund."

Olswang boasts an enviable list of recent fund work, advising UBS Triton Property Fund; funds advised by Delancey Estates; UBS South East Recovery Fund on establishing a £600 million fund to invest in office property in South East England; New Star Asset Management Group PLC on its £704 million admission to AIM; Dawnay, Day Treveria PLC on its admission to AIM, the second biggest AIM fund raising of 2005 and the second largest fund raising in the market's history; and the Tchenguiz Family Trust, acting through its manager R20, in its role as a lead investor in the private equity consortium established for the takeover bid for the Somerfield supermarket group.

Nick Leslau, managing director of Prestbury, said, "Olswang has a great reputation for corporate and real estate work and guided us through the intricate stages as we took our business to the next level."

Duncan McDonald led the Olswang team assisted by corporate solicitors William Sharpe and Fiona Worrall, with important assistance from corporate partners Andrew Wylie and Graham Barber.