In conjunction with NCM and Aberdeen Standard Investments, Womble Bond Dickinson (WBD) recently hosted the second seminar in its FUNDamentals Series in Edinburgh, this time exploring Real Estate Funds in further detail.
WBD Partner, Barry Stimpson, started the ball rolling by running through the UK regulatory landscape and the typical fund structures which are used for real estate funds such as PAIFs, REITs and Limited Partnerships . Barry talked through the key aspects for each type, emphasising the differences in how they are permitted to operate, particularly so for open-ended structures where he touched on the current hot topic of ‘gating’.
Up next was NCM’s Chief Executive, Kathleen McLeay, who provided practical pointers and pitfalls to consider when setting up a new fund. Kathleen reflected on her vast experience and covered various practical matters such as opening bank accounts, the importance of seeking expert tax advice and issues to consider on fund closures.
Last to speak were Aberdeen Standard Investment’s Ross McCall and Heather Morrison, who work in Global Private Markets and Real Estate Structuring. Together they covered the investment stage and end of life cycle in practice. There are various decision-making processes involved not only in relation to the investments themselves, but also in terms of or how the fund structures are decided. The case study and worked examples that Ross and Heather explained neatly tied in with Barry and Kathleen’s earlier pieces.
Such was the positive feedback from attendees, the event is being repeated in London next year. The third seminar in the Edinburgh FUNDamentals series will also take place in the new year. For further details, keep an eye here