IWG has advised and assisted Cogress Limited (http://cogressltd.co.uk/) in the establishment of a new private equity funding platform based in London. Cogress joint ventures with property developers on a project by project basis, raising equity for each project in a single-purpose unregulated collective investment scheme. Each scheme is marketed to Cogress’ clientele of retail (High Net Worth and Sophisticated) investors. The platform provides strong finance support and joint venture expertise to residential developers, and collective investment Scheme opportunities to retail investors.
Cogress operates within a complex and stringent regulatory framework, newly impacted by the Alternative Investment Fund Manager Directive. It is an Appointed Representative of Resolution Compliance Limited, which is regulated by the Financial Conduct Authority (no. 574048).
By the end of its first year of operations in the UK, Cogress anticipates having assets under management in excess of £170 million (Gross Development Value), and expects to be launching new developments at an average rate of around one per week.
IWG has been exclusively retained to provide legal advice and support to Cogress. We have assisted on a wide range of legal, structural, real estate and operational issues arising in the formation and development of the business, and have prepared and negotiated key operational and transactional documentation. On an ongoing basis, the firm advises and assists Cogress in the formation, documentation and closing of each new development scheme.
The IWG team has been led by corporate partners Colin Winter and Ben Manners, assisted by David Grabiner. Paul Sheeter has advised on real estate matters.