- Big Property Ltd has identified a potentially valuable development site, but does not wish to take the risk of developing the site on its own. It identifies Major Developer Plc as a potential joint venture partner. Major Developer is a particularly attractive partner for Big Property, as it has plenty of relevant experience, having just completed a similar development of its own.
- The parties set up a special purpose vehicle, SPV Ltd, to hold and develop the site, in which they each own 50% of the equity. They engage major law firms – Serious City Firm LLP and Top Rank Solicitors LLP – to draw up a joint venture
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