National law firm TLT has advised EV Capital an investment boutique providing venture capital, growth capital and loans to businesses in the UK, on the purchase of a significant property development deal in the South West.
The project involved the development of Dean Clarke House in Exeter, into residential accommodation for students in the form of loft-style apartments, together with a restaurant, social housing and commercial office units. The gross development value of the site is £12m.
The TLT team was led by David Smithen, partner in the firm's specialist development team and included head of tax Nathan Williams, corporate associates Alice Gardner and Pete Naylor, banking & asset finance specialist Peter Skeen, as well as planning and development solicitors Gareth Fortey, Kate Langton and Lucy Kirk.
David Smithen says, "We are delighted to have advised EV Capital on this complex purchase. Various specialist experts from across the firm worked hard to make sure that the purchase was completed within the tight deadline."
Mark Edworthy, Managing Partner at EV Capital commented, "A huge thank you from everybody on the team for all of TLT's efforts. Collectively we have pulled off a very rare thing in today's market, namely a significant property development project with proper development finance in place."
TLT's specialist development team is part of the firm's real estate group, which is recognised as one the foremost real estate groups in the country. The group includes a number of nationally rated individuals who have a wide range of property expertise across property development, property investment, estate management, dispute resolution, construction, planning and environmental.
Clients have recently voted TLT first of all UK law firms in Legal Week's Client Satisfaction Report 2012, acknowledging the firm's strategy and growth in Scotland and Northern Ireland. TLT has also been named National Firm of the Year at the Legal Business Awards 2013 and was named Best Managed Firm and won Best Community Engagement at this year's Managing Partners Forum Awards.