What Is a Joint Venture (JV) Property Arrangement?
A real estate joint venture is an arrangement between two or more investors that agree to work together, contribute capital and pool their expertise and resources to undertake a commercial property development or investment project.
A joint venture is a way for the JV partners to spread and dilute risk, since the joint venture partners will each contribute to the initial investment and will share any on-going liability for the real estate project. By joining forces, no party takes on the full burden of funding, acquiring or developing the property.
The various JV parties will participate and contribute in different ways, whether by providing secure funding or capital contribution, tangible assets such as land, or intangible assets such as industry expertise, connections and reputation/brand.
Despite working cooperatively in a real estate joint venture, each party to the JV agreement maintains their own unique business identity and remains as their own entity.
Real estate joint ventures continue to be popular among real estate investors as a route into new markets and sectors.
Our Property Joint Venture Experience
We work closely with our clients to make sure they receive accurate legal advice to achieve the best outcome for their unique circumstances.
Our experienced Commercial Property and Corporate solicitors have a wealth of experience dealing with joint venture agreements.
Examples of the real estate joint ventures we have advised on include:
- Acting in relation to a property joint venture between the developer and funder in respect of a large residential development site in Bedfordshire.
- Working closely with a leading International law firm on a real estate joint venture by a North West based brewery. This involved advising and preparing the overarching agreement for the development of four properties and the operation of those properties following development.
Joint Venture Agreement Structure and Terms
There are a broad range of joint venture structures to choose between. The structure used to conduct real estate joint ventures will usually take the form of a private company, a limited liability partnership (LLP), a partnership or simply a contractual agreement between the parties.
When deciding on the structure of a joint venture, there are several issues to be considered.
Matters that should be discussed throughout investment or property joint ventures include:
- That the structure chosen for the joint venture provides the best tax treatment for each of the parties as well as for the joint venture itself.
- Identifying the underlying objectives of the joint venture parties.
- The period of time during which it is intended the joint venture will operate.
- Exit mechanisms at the end of the joint venture, i.e. sale.
- The extraction and pooling of profits.
- The resources that each joint venture partner will commit (an agreement documenting the transfer of assets and/or licence of intellectual property rights to the joint venture may be required), and decision making.
- Requirements for employees and possibly TUPE.
- Whether “deadlock” provisions are required (whereby, in the event of a dispute, either party could buy out the other, the joint venture could be sold, the matter could be referred to arbitration, or the joint venture could be put into liquidation).
- Accounting considerations.
- Regulatory (e.g. competition) issues.
One of the key factors in deciding which structure to use will be the size and type of real estate investments in which the joint venture intends to acquire.
Careful consideration needs to be given to the purpose of the joint venture, which legal structure will be used, how the project will be funded, each party’s capital contributions, the role each party will play in the project, and how profits will be maximised and distributed.
Testimonials
Neil Swimmer - Director, Mosley Street Developments Ltd
Thank you for all the hard work, care and attention that you’ve put into all the matters relating to Two St Peter’s Square with which you’ve dealt for us over the past few years. It’s been a bit of a roller coaster for all of us at times, but we’ve always known that we could rely on you to deal with your part of the process speedily and efficiently.
Legal 500, 2024
An extensive team with good knowledge, good response times and good communication. The client document portal is extremely useful for those with extensive portfolios especially.
Mark Davies, Philip J Davies Holdings Plc
We always find Myerson take a commercial approach to any lease transactions. This advice allows us to make informed business decisions agree the best way forward in each scenario.
Mr. I
I strongly recommend this Myerson Solicitors. They are an expert of their job. It was a pleasure to work with Charlotte, was so helpful during my retail unit lease agreement process. She was so approachable, high communication skills and so helpful.
Legal 500, 2024
Myerson have for many years given excellent service for me both on commercial and residential property matters. They have given robust, practical and professional advice throughout.
Don Lucas
Myerson dealt very promptly with a transaction of a commercial property transfer. They acted in a very professional and courteous way to ensure that the transfer was completed in time.
Legal 500, 2022
Myerson provide a personal but comprehensive legal service, covering all aspects of legal practice. Their advice is clear and uncomplicated, always offering options and choices. A graduated structure of practitioners is available as appropriate, from junior assistant to senior partner. Their approach is always professional, complimented by their no-nonsense approach.’
Legal 500, 2022
Fantastic property team of a good size to get through the work and not make you feel like you’re in a queue. Friendly, family feel firm but with fantastic skillset and broad experience in the market.
Legal 500, 2022
I believe that the team are absolutely top quality people who are acting in my best interests.
Legal 500, 2022
The firm is a regional player and has grown to encompass a wide variety of disciplines. They are therefore able to cope with the demands of our commercial clients.’
Legal 500, 2021
The whole team that we deal with are excellent at adapting to our company’s ways of working, particularly regarding updates, advice and payment requirements. They will go above and beyond to ensure we get things over the line in time and provide tailored advice and recommendations.
Why Work With Our Commercial Property Team
- Ranked as a Top Tier firm by The Legal 500.
- Access to over 30 property experts across Myerson’s Property Group.
- We were the winners of ‘Property Team of the Year 2021’ at the Manchester Legal Awards.
- Partner-led, commercially focused advice.
- City-quality expertise at regional prices.
- One-site collaborative team for seamless service.
- Proven capability to meet tight deadlines and manage complex, multi-party transactions.
- Free access to our Property Portal, webinars and newsletters.
Our Commercial Property Team
Home-grown or recruited from national, regional or City firms. Our commercial property solicitors are experts in their fields and respected by their peers.
Contact Our Commercial Property Solicitors
At Myerson, our Commercial Property Team offers advice on all aspects of commercial property law. For more information on the range of legal services we can provide, please fill out the form below or call:
0161 941 4000
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