Indirect investment funds are an increasingly popular way of holding a portfolio of properties in a tax efficient manner. During 2006 we advised on investment totalling over €250 million throughout Europe and Asia.
Our corporate and real estate lawyers represent British and European pension funds. In particular, we act for Kommunernes Pensionsforsikring, a Danish pension provider with assets of £8 billion. It is a member of the Danish Real Estate Club which has recently been given the Outstanding Industry Contribution Award by IPE Real Estate and aims to invest up to €350 million annually over the next three to five years.
Penningtons carries out due diligence across many jurisdictions. This involves, where appropriate, coordinating a team of experts drawn from our Multilaw and ELG networks of international law firms. We also advise on the drafting of key documents prepared by the sponsor.
We were one of the first practices to join INREV (the European Association for Investors in Non-listed Real Estate Vehicles) in early 2004. Through our active membership of this organisation, Penningtons is able to keep up to date with market developments as well as influence the future direction of the industry.