Four firms land work on Palmer real estate funds

Property venture capital company Palmer Capital Partners (PCP) has appointed a raft of real estate finance lawyers from four firms to advise on investments under its new real estate investment funds.

Real estate finance specialists from Berwin Leighton Paisner (BLP), Forsters, South East firm IBB and Wragge & Co have been added to PCP’s panel to advise on commercial property investments under the newly-created Palmer Capital Development Fund and the Close Brothers 5th Special Opportunities Fund.

The lawyers include BLP partner Tim Simmonds, who advised on the creation of the Palmer Capital Development Fund, which is claimed to be the first real estate investment trust offered in the UK.

PCP’s investment funds have seen a deal rush, with the development portfolio growing to £1.4bn by the 2004 year-end. PCP closed £110m in deals in the week leading up to Christmas alone. The funds have seen legal spend at PCP double from around £2.5m to an expected £5m this year.

PCP chief executive and legal director Christopher Digby-Bell said the panel was based on individual lawyers rather than firms.