Ogier has advised The Collective on their c.£125m acquisition of the remaining 75% stake of The Collective Old Oak, a co-living development in west London which provides a 21st-century alternative for people looking to live and work in London. The acquisition allows the Singaporean and UK-based private wealth backers who helped fund the development of the building to exit their investment after four years.
Co-living provides tenants with both their own private room and with shared spaces to use with other residents such as shared kitchens and dining rooms. The Collective Old Oak is the largest example of a co-living development in Europe, with 546 private rooms spread out over 10 floors. Residents at The Collective Old Oak also have access to a library, a games room, a cinema, a sauna and spa, a roof terrace, a gym, a laundrette, a restaurant, a bar and other shared spaces to work or socialise.
The Collective Old Oak gives its residents, particularly young people starting out in their careers, a hassle free way to live in London as their monthly bill covers council tax, utility bills, wi-fi, access to the gym, room cleaning and linen changes, in addition to access to the communal spaces and community events.
A statement from The Collective management team said: “The Collective as a platform has grown significantly in the past year so we are now better positioned to deliver upside that exists in the asset.”
Ogier provided Jersey legal advice to The Collective as part of the acquisition and on the senior and mezzanine financing from Deutsche Bank and buy-out specialist Catalina Re, led by partner Richard Daggett with assistance from senior associate Alan Stirling. Greenberg Traurig, LLP acted as lead counsel to The Collective in respect of this acquisition, with Bryan Cave Leighton Paisner LLP and Allen & Gledhill LLP advising The Collective on the UK and Singapore financing aspects.
Richard Daggett said "We are delighted to have advised The Collective as part of such a significant transaction, which demonstrates the emergence of new investment opportunities in the London property market such as the development of co-living spaces."