Goodwin'sReal Estate Industryteam has advised Madison International Realty Holdings LLC ("MIR") on its acquisition of a minority stake in Matter Real Estate LLP ("MRE"), a UK-based real estate investment manager with approximately €1 billion in AUM across the UK and Europe. As part of the transaction, MIR acquired a minority economic interest in MRE from an existing investor, alongside a simultaneous minority investment by funds managed by GCM Grosvenor. In addition to the GP stake, MIR also committed LP capital to four of MRE's co-investment strategies, further deepening its strategic alignment with the platform.
Goodwin was engaged by MIR to advise on the M&A, joint venture and fund investment aspects of the transaction. Given the natural alignment between MIR and GCM Grosvenor, Goodwin also led on the W&I insurance and legal diligence workstreams for both investors.
This was a highly complex, structured transaction involving the establishment of a multi-party joint venture with investment and management stakeholders of varying profiles, plus the navigation of cross-border regulatory and tax considerations.
Ray Fang, Partner in Goodwin's Real Estate Industry group: "The European GP stakes landscape continues to evolve, with institutional capital increasingly partnering up with specialist real estate managers. Supporting MIR on this strategic investment reflects Goodwin's depth in navigating complex platform transactions in this space."
The investment was made by MIR's Real Estate Growth Platform, which targets strategic capital investments in mid-market, vertically integrated real estate firms. This transaction marks its third investment to date, and second in Europe.
This transaction represents MIR's first investment with MRE and aligns with its broader strategy of supporting real estate managers at key points of growth. Together with GCM Grosvenor, MIR aims to work with the shareholder group to scale MRE into a leading pan-European living platform, with operations currently spanning the UK, Germany, Denmark, and Sweden, and expansion opportunities being explored in Spain and Finland. MIR has approximately $7 billion in real estate AUM and is a leading provider of secondary liquidity and recapitalisation solutions.
The cross-discipline and cross-border Goodwin team was led byRay FangandIndy Sohal, with the core team includingNiall Dickson,Yash Singh(REI PIF),Henry Wood, Alice Bennett (Corporate Real Estate) andDavid Irvine,Katy Webb,Matt Birchall(Tax), with invaluable support fromJustin Cornelius,Joe Hill, Aru Goyal, Maximilian Hanbury Senior (PIF),Oana Millich,Jessica Laglasse, Louis Blainville (Luxembourg),Adnan Bhaiji(Corporate Real Estate),Gretchen Scott,Curtis McCluskey(Data Protection),Alex Fisher,Alex Nicolaidis(Employment),Glynn Barwick,Greg Larkin(Regulatory),Alasdair McAlpine, Elliot Luke (Litigation) andRomina Weiss(US Tax).
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