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Travers Smith LLP has advised Invesco Real Estate, a global real estate investment manager, on the formation of Space Industrial, a joint venture established together with Marchmont Investment Management to build a £500m multi-let industrial portfolio in the UK.
Travers Smith has advised Osprey Investors Limited in relation to its fundraising and strategic minority investment into Evri (the UK's largest tech-driven last mile delivery platform).
Travers Smith has advised Steve Madden (Nasdaq: SHOO), a leading designer and marketer of fashion footwear, accessories and apparel, on a definitive agreement to acquire UK-based Kurt Geiger from a group led by Cinven for an enterprise value of approximately £289m in cash.
On 22 January 2025, the Institutional Limited Partners Association ("ILPA") released its much anticipated updated Reporting Template and a new Performance Template, following extensive consultation with the industry last year. Adoption of the templates is voluntary, but investors may put pressure on sponsors to adopt these new templates. (Please see our briefing on ILPA's Quarterly Reporting Standards Initiative for information on the background to the Performance Template and the changes to the Reporting Template.)
On 7 February 2025, the Government published an open consultation entitled "Improving the energy performance of privately rented homes: 2025 update" (the "Third Consultation"). The Government proposes to raise the minimum energy efficiency standard required of privately rented homes in England and Wales to the equivalent of Energy Performance Certificate ("EPC") C by 2030, and this consultation follows on from the previous government's 2020 consultation (the "First Consultation").
PFI deals have recently been in the news, with headlines about disputes between public sector customers and private sector owners and operators as contracts near their expiry date. We look at the issues around PFI expiry and the risks and opportunities this presents for private sector involvement in this area.
Travers Smith LLP has advised Brookfield Oaktree Wealth Solutions on the establishment and launch of its semi-liquid strategic credit fund, Oaktree Strategic Credit Fund (SICAV), under its existing Luxembourg UCI Part II umbrella structure.
With the first UK Labour Government since 2010 now firmly with their feet under the table, this is a good opportunity to take stock of how the Government is approaching national security reviews under the UK's National Security and Investment Act ("NSIA") regime.
The UK Competition and Markets Authority (CMA) has published the provisional decision in its cloud services market investigation. It provisionally recommends that the cloud service activities of the two largest players, Amazon Web Services and Microsoft, should be investigated using the CMA's new powers to regulate Big Tech under the UK's Digital Markets, Competition and Consumers Act.
In February 2024, HMRC controversially amended its published guidance on the salaried member rules to say that, in its view, increases in capital contributions made solely to fall outside the salaried members rules would be ineffective. Following strong concerns and disquiet expressed by many (including those in the private capital industry), HMRC decided to conduct an internal review of those changes.
Travers Smith LLP advised longstanding client Nest Corporation – the trustee of the National Employment Savings Trust – on the acquisition of a ten percent shareholding in Industry Super Holdings, the holding company of IFM Investors, a global institutional investor and asset manager operating across the infrastructure, debt investments and private equity markets.
Travers Smith LLP is delighted to announce the appointment of Aaron Stocks as Head of Transactions, a newly created role for the firm.
The consumer law provisions of the Digital Markets, Competition and Consumers Act 2024 are expected to come into effect in April 2025. As well as new rules on pricing, fake reviews and subscription contracts, B2C businesses will face a much tougher enforcement regime – with the prospect of fines of up to 10% of global turnover. We explain how you can protect your business from the risks and even use the legislation to your advantage.
The Bank of England has now opened applications for its Contingent NBFI Repo Facility (CNRF). The facility will enable non-banks such as DB pension schemes, LDI funds and insurers to access cash following an increase in demand for liquidity during times of severe market stress.
The Court of Appeal in Kumar Limbu & Others v Dyson Technology Limited & Others [2024] EWCA Civ 1564 ("Limbu CoA") has overturned a High Court decision[1] which had declined jurisdiction to hear claims against members of the Dyson Group brought by 24 migrant workers from Nepal and Bangladesh. This means that the claim, which seeks to hold the Defendants liable for alleged forced labour practices and similar human rights abuses at the facilities of one of the Dyson Group's Malaysian suppliers, will now proceed in the English courts.
Travers Smith LLP has advised Ashby Capital on the sale of its UK retail park portfolio to Realty Income Corporation.
Travers Smith LLP has advised longstanding client Inflexion on the financing of its strategic minority investment in Baker Tilly Netherlands, a leading accountancy and advisory firm.
This article was first published in the January 2025 issue of Butterworths Journal of International Banking and Financial Law.
This article, authored by international secondee Pascal Urban from Gleiss Lutz, was first published in the January 2025 issue of Butterworths Journal of International Banking and Financial Law. The author thanks James Bell, Knowledge Counsel in the Finance Department at Travers Smith LLP, for his helpful assistance on this article.