Slaughter and May is advising the John Lewis Partnership on a £500m multi-decade joint venture with global investment company abrdn to deliver around 1,000 new homes across three local communities. The deal marks a milestone in the Partnership’s plans to use its significant property assets to build much-needed residential homes and diversify its business. The joint venture will help the Partnership to reach 10 per cent. of its ambition to build 10,000 new homes over the next decade and includes commitments to affordable housing and sustainability tied to the Partnership’s existing 2035 net-zero pledge. The Partnership will develop and manage the three proposed new sites.
The Partnership wants to create homes that will provide a stable income for the Partnership, and moving into housing aligns with its purpose to make a positive difference for its Partners, customers and communities.
Nina Bhatia, Executive Director for Strategy and Commercial Development at the John Lewis Partnership: “Our partnership with abrdn is a major milestone in our ambition to create much-needed quality residential housing in our communities. Our residents can expect homes furnished by John Lewis with first-rate service and facilities. The move underlines our commitment to build on the strength of our brands to diversify beyond retail into areas where trust really matters."
Slaughter and May worked closely alongside the Partnership’s in-house legal team, led by Jane Cheong-Tung-Sing and Claire Betty, and Dentons UK and Middle East LLP.
Emma Batchelor / Trainee