Ogier in Guernsey advises Downing on £388 million disposal

Ogier's Guernsey corporate team has advised property developer Downing on the sale of five properties to Greystar Real Estate Partners in a deal worth £388 million.

As Downing focuses on future growth and its development programme, the disposals mark the continued expansion plans of the Liverpool-based group, which currently has more than £1 billion-worth of developments in the pipeline at sites across the United Kingdom.

US-based Greystar operates in the investment, development, and management of high-quality rental housing. The properties it acquired are four purpose-built student accommodation buildings including Holbrook and Pound Field London, City Point in Coventry and River Street Tower in Manchester and a build-to-rent asset, City Club, in Coventry.

The Ogier team, working with lead English counsel Hill Dickinson, was led by partner Bryon Rees together with managing associate Richard Doyle, senior associate Diana Collas and trainee solicitor James Hewlett. Partner Catherine Moore assisted on the trust side of the deal.

Other firms involved in the transaction were DLA Piper, advising Downing on property aspects, and Brabners, advising on construction matters. Jones Day acted for Greystar.

Ogier Partner Bryon Rees said: "Congratulations to Downing, Greystar and the advisor teams. We are pleased to have advised Downing on yet another significant transaction."