Federated Hermes Ties the Knot with L&G in £4.7bn Merger
Deal News | Aug 21, 2025 | Bryan Cave Leighton Paisner LLP
The international law firm Bryan Cave Leighton Paisner LLP (BCLP) recently guided Federated Hermes Property Unit Trust (FHPUT) through a significant merger with Legal & General’s Managed Property Fund, creating a unified property portfolio worth £4.7 billion. This merger is noteworthy as it represents the first merger involving an unauthorised exempt property unit trust, marking a precedent in fund structures. FHPUT, one of the longest-established pooled property funds, has relied on BCLP's legal expertise for the past 15 years. The legal team, spearheaded by Antony Grossman and supported by various partners, provided multi-disciplinary advice. Macfarlanes served as the legal advisors for Legal & General.
Sectors
- Corporate Real Estate
- Legal Services
- Investment Management
Geography
- United Kingdom – Both Federated Hermes and Legal & General are UK-based entities, and the legal advisors also operate within the UK, making it central to the transaction.
- International – Bryan Cave Leighton Paisner (BCLP) is an international law firm, suggesting the broader global implications and reach of the merger.
Industry
- Corporate Real Estate – The merger involves significant real estate assets, combining two major property funds into a single entity.
- Legal Services – BCLP and Macfarlanes, legal advisory firms, played vital roles in facilitating the merger, highlighting the prominence of legal services in mergers and acquisitions.
- Investment Management – The article discusses the merger of two investment funds, underlining the significance of investment management in real estate portfolios.
Financials
- £4.7 billion – The valuation of the combined portfolio resulting from the merger of Federated Hermes and Legal & General’s property funds.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bryan Cave Leighton Paisner LLP | Legal advisor | Company | An international law firm advising Federated Hermes on the merger. |
| Federated Hermes Property Unit Trust | Target company | Company | One of the merging entities handling significant pooled property funds. |
| Legal & General’s Managed Property Fund | Target company | Company | The other significant fund merging with Federated Hermes to create a large combined portfolio. |
| Macfarlanes | Legal advisor | Company | The law firm that advised Legal & General on the merger. |
| Antony Grossman | Lead advisor | Person | Led the BCLP legal team in advising Federated Hermes on the merger. |