M&G Forms Joint Venture with TPG for UK's Industrial Portfolio
Deal News | Mar 19, 2025 | Stephenson Harwood LLP
Stephenson Harwood LLP has provided legal counsel to M&G Real Estate in its approximately £700 million joint venture with TPG Real Estate. The collaboration involves managing and expanding M&G's Active Growth Logistics Partnership (AGLP), recognized as the fourth-largest multi-let industrial portfolio in the UK with 6 million square feet and 630 tenants. TPG Real Estate has acquired a 50% equity interest in the AGLP from M&G, which retains the remaining stake and management responsibilities. The joint venture aims at enhancing asset quality and sustainability through an additional planned investment of £53 million. The advisory team from Stephenson Harwood was led by client relationship partners Simon Brading and William Saunders, with assistance from tax partner John Meehan.
Sectors
- Real Estate
- Legal Services
- Private Equity
Geography
- United Kingdom – The location of M&G's Active Growth Logistics Partnership, which includes a significant industrial portfolio in the UK.
Industry
- Real Estate – The industry involved in the joint venture since it concerns the management and growth of a large industrial property portfolio.
- Legal Services – Stephenson Harwood LLP is providing legal advisory services for the joint venture deal.
- Private Equity – TPG Real Estate, part of a global alternative asset management firm, has invested in the joint venture, indicating the involvement of private equity.
Financials
- 700 million – The value of the joint venture between M&G and TPG in managing the industrial portfolio.
- 53 million – The planned investment program to improve asset quality and sustainability within the venture.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Stephenson Harwood LLP | Legal Advisor | Companies | Law firm advising M&G on the joint venture with TPG. |
| M&G Real Estate | Target Company | Companies | A real estate company forming a joint venture with TPG to manage its industrial portfolio. |
| TPG Real Estate | Buyer | Companies | The real estate platform of TPG, acquiring a 50% stake in M&G's logistics partnership. |
| Simon Brading | Client Relationship Partner | People | Leading the Stephenson Harwood legal team for this transaction. |
| William Saunders | Client Relationship Partner | People | Leading the Stephenson Harwood legal team for this transaction. |
| John Meehan | Tax Partner | People | Supporting the Stephenson Harwood team on tax matters related to the transaction. |