Eversheds takes on brief for property duo

Eversheds is advising two property companies that have joined forces to create a £150m build-to-let fund aimed at giving ­institutional investors the chance to make large investments in the private rented sector.

Bouygues Development, part of e31.2bn (£26.8bn) French industrial company Bouygues Group, and residential landlord Grainger, which has more than £3bn of property assets under management, have created and co-invested in a build-to-let fund for the ­residential market.

Eversheds is understood to be advising the two companies on the fund.

The fund has a portfolio of purpose-build private rented sector development sites in London and throughout the South East of England, which is ­expected to result in more than 1,000 residential assets when completed. The first units are expected to complete by the fourth quarter of 2013.

According to a joint ­statement by the two companies, the fund is designed to cash in on the appetite of UK and overseas investors to “put long-term money directly into residential property in London and the South East.

“The fund is also strongly aligned with the UK ­Government’s plans to increase the number of new homes being built and the Housing Minister’s public land initiative.”

The fund has been ­created with an eight-year life, with the option to extend that for up to three years. Both companies will put money in up front and are looking for additional funds from institutional investors with the aim of raising £150m.