Tue, 06/03/2018 - 17:30
Womble Bond Dickinson has supported Vesta Global Limited on the launch of the company’s new Private Rented Sector (PRS) trading platform.
Vesta went live with their online PRS platform last week, with the objective of giving institutional funds that have hundreds of millions of pounds set aside for PRS access to a ready-made catalogue of existing rental stock that they can pick for their own portfolios.
In the lead up to launch, a multi-disciplinary Womble Bond Dickinson team advised Vesta across a number of inter-related disciplines including consumer and on-line business regulations together with the refinement of real estate transaction and due diligence processes.
Following the launch, Vesta are well underway with the first wave of property trading via their on-line platform, with Womble Bond Dickinson continuing to work with Vesta on due diligence and property transactions.
Tom Willows, Partner in Real Estate at Womble Bond Dickinson, says: "This is a truly innovative approach to trading PRS stock. Vesta are a potentially significant disruptor to the market. We are delighted to have been able to work on this ground-breaking project."
Russell Gould, CEO at Vesta Global Limited, says: "In the UK, there is a huge amount of institutional investment ready to move into PRS but these firms really struggle to get access to existing properties. Vesta will fill that gap in the market by giving large investors access to established and tenanted rental stock. Our work with Womble Bond Dickinson has ensured that the innovation we are driving in the buy to let sector is supported by a strong legal and regulatory framework, allowing us to bring our customers a completely new way to buy, sell and invest in a safe a secure way.”
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