Olswang helps Orchard Street establish a £100 million property fund in partnership with the Government of Singapore

Olswang's international corporate team have advised Orchard Street Investment Management LLP in relation to establishing a new UK property fund with an affiliate of GIC Real Estate, the property investment arm of the Government of Singapore Investment Corporation ("GIC"). The new fund is called Orchard Street Special Situations II LP.

The new fund follows the success of the first Orchard Street Special Situations Fund set up by Orchard Street and GIC in 2008 and which acquired UK property assets of around £130 million. The new fund will, with debt, have the capacity to invest in excess of £200 million and will seek to make 15 individual investments in the next two years.

Chris Bartram, chairman of Orchard Street, said: "We are delighted that GIC has agreed to partner with Orchard Street Investment Management for a second time. The first Special Situations Fund launched in 2008, made its major investments in 2009 and has been a great success so far. We have enjoyed working with GIC and look forward to this new collaboration."

David Bunker, Olswang corporate partner comments: "Orchard Street has grown to become one of the UK's leading property asset managers with assets under management in excess of £2.5bn. We are delighted to have been able to provide legal advice with hands-on international business insight to their new fund. This is a fantastic opportunity for Orchard Street and GIC and we look forward to seeing their partnership prosper."

After the recent successful openings of offices in Madrid, Paris and Munich, Olswang officially launched their Singapore based Asia hub in February 2012 with the aim of developing a sector based leading international legal practice. Drawing on extensive global and regional experience as well as working closely with its teams in Europe and alliance partners, the Asia hub helps companies across the ASEAN, Indian and Chinese markets.

Olswang's corporate team was led by David Bunker with assistance from Piotr Giemza-Popowski and Daniel Deacon.  Natasha Kaye and Hugo Webb advised on the tax structuring and Brian McDonnell on the regulatory aspects.