Global real estate A snapshot of recent deals May 2020 - Norton Rose Fulbright
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Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Global real estate A snapshot of recent deals May 2020
Our areas of real estate work include
Acquisitions and disposals Leisure industry
Commercial leasing Medical facilities and healthcare
Construction Planned communities
Development Portfolio management
Dispute resolution
Real estate financing
and litigation
Economic incentives
Residential developments and projects
and programmes
Environment, safety
Restructuring and insolvency
and planning
Joint ventures Retail
Land use regulation Tax
02 Norton Rose FulbrightGlobal practice
Offices Real estate lawyers Real estate partners
50+ 250 80
Norton Rose Fulbright 03Global real estate Global real estate A snapshot of recent deals Real estate is one of the principal strengths of our global network, founded on our reputation for effective, no-nonsense handling of high-profile and complex transactions. With the increasing sophistication of the real estate market and widening of the definition of traditional real estate to include real assets and related service businesses, we are one of a small number of firms who genuinely have the experience, skill and support necessary to service our clients’ needs through a period of change for the sector. Globally, our real estate practice spans the UK and Europe, the United States, Canada, Asia, Australia, Africa and the Middle East. With more than 3,700 lawyers and other legal staff based in more than 50 cities, Norton Rose Fulbright is one of the largest global law firms with a truly global real estate offering. Our real estate lawyers work closely with our banking, restructuring, corporate, securitization, construction, planning, environment, funds and tax lawyers who have a genuine understanding of domestic and international real estate markets. Our collective understanding allows us to bring to each transaction the best of the techniques in use in other jurisdictions, to the benefit of all our clients. Awards and accolades Real Estate Firm of the Year Best Legal Firm 2019 Legal 500 UK Awards 2018 and 2020 Panattoni Europe 2019 Gala & Awards Top tier for: Development | Hotels and “Long-standing practice with a strong leisure | Corporate occupiers presence in the GCC.” Legal 500 UK, 2020 Chambers Global: UAE, 2019 Ranked Band 2 in Chambers Best Law Firm for real estate Asia-Pacific, 2020 US News & World Report and Best Lawyers 2019 “Extremely responsive, able to turn on a dime and do work super quickly”. “We feel in good hands”. “Very much our trusted adviser”.” Chambers Canada, 2019 04 Norton Rose Fulbright
A snapshot of recent deals
Australia Healthcare of Ontario Pension Vodafone
Plan (HOOPP) Advising Vodafone on the lease of
BP International Limited Advising HOOPP on its co-ownership large premises located in La Défense.
Acting for BP on the A$1.8bn and redevelopment of Brentwood Mall
acquisition of 527 service stations in Burnaby, British Columbia, which KKR
throughout Australia and the will include three 50-storey residential Advised KKR on the sale of around
subsequent divestment of selected towers, a six level underground 30 assets representing a surface area
sites as may be required by parking facility and a retail podium of just over 86,000m² for an amount
regulatory approvals. requiring approximately C$1bn in in excess of €100m.
construction financing.
Fortius Funds Management Certas Energy
Advised Fortius Funds Management Advised Certas Energy on the
on the establishment of an China and Hong Kong construction, development and
investment trust to acquire asset management of over 400
“The Barracks”, a A$162m China Overseas Land & Investment highway service stations branded
mixed-use complex in Brisbane. Limited Esso in France.
Advised China Overseas Land &
Growthpoint Properties Australia Investment Limited on its acquisition BayernInvest Luxembourg
Advised Growthpoint on the A$250m of a property portfolio in 25 Advised BayernInvest Luxembourg
purchase of 100 Skyring Terrace, the cities in China from CITIC Group on the refinancing of a large stake
headquarters of Bank of Queensland. for US$4.8bn (RMB31bn). The of the debt subscribed by an SPV,
transaction represents the largest 100 per cent affiliate of Invesco,
M&A in the China property sector. for the high-value acquisition
Canada of Capital 8 (€789m).
Country Garden Services Holdings
Ivanhoé Cambridge Inc. Company Limited
Advised on the sale of the Rockhill, Advised HSBC and Goldman Sachs as Germany
a multi-residential rental property joint sponsors on the spin-off of
known as “a Montreal Icon on Country Garden Services Holdings Fattal Hotels Group
the Mountain”, comprising of six Company Limited, the property Acted for Fattal Hotels Group on
buildings on approximately 7.6 management and relevant business the sale of a Leonardo Royal Hotel
acres. The property was sold to Minto of Country Garden Holdings Co. Ltd. in Munich to the US real estate
Apartment Limited Partnership and on the Hong Kong Stock Exchange by investor Invesco Real Estate with a
its 50% co-acquirer I.G. Investment way of introduction. transaction volume of €157m. Also
Management Ltd., as trustee for on numerous transactions and hotel
Investors Real Property Fund, for a Pacific Century Premium lease agreements, inter alia purchase
total consideration of C$268m. Developments Limited of 20 hotels from Goldman Sachs and
Advised Pacific Century Premium disposal of 18 hotels.
CDPQ Infra Inc Developments Limited on its
Advised CDPQ Infra Inc. on the proposed joint venture with Paradise American Realty Capital
development of a C$6bn light Pinetree Development Limited in Global Trust
train infrastructure project of 67 relation to the investment in and Acted for American Realty Capital
kilometers in the greater Montréal development of a luxury resort Global Trust on the acquisition and
area crossing over 22 municipalities project in Thailand. financing of RWE’s headquarters
and boroughs. buildings in Essen through sale
France and leaseback as well as on the
Solargise Canada Inc. refinancing of the German real estate
Advised on the C$900m acquisition LyondellBasell portfolio with Helaba.
and development of a solar panel Advising on the sale of a facility
manufacturing facility, to be followed located on the petrochemical site of Amundi
by the development of an operating Etang de Berre to Orion GmbH, and Acted for Amundi on fund
polysilicon plant for an additional advising on the remediation and sale structuring, several acquisitions
investment of C$1bn. of a large parcel of land located on and respective financings, e.g. the
their French petrochemical site for a acquisition of bank building in
logistics and warehouse development. Frankfurt by way of share deal.
Norton Rose Fulbright 05Global real estate
Union Investment Advised Italian and international Wehkamp
Acted for Union Investment on the banks on a financing for the Advising RFS Holland Holding (an
first club deal for an office ensemble. acquisition of a retail sales network affiliated company of Wehkamp
The transaction was conducted in and real estate assets and properties Holding, an online shopping
the form of a forward share deal and of a leading European distributor of brand) on the construction of a new
involved the acquisition of 60 per electrical appliances and products distribution centre in Zwolle.
cent of a project company. for consumers.
North and West Africa
Greece Middle East
Aksal
Hellinikon development Nakheel joint ventures Advising Aksal, mall and retail leader
Advising Lamda Development (the real Acting for master developer Nakheel in Morocco, on the creation of joint
estate arm of Latsis Group) on the on a number of joint ventures in venture with Wessal Capital, and on
mega real estate development project the hotel, leisure and retail sector the development of a 40,000 sq.m.
of the 6 million m² Hellinikon property including advising on its hospitality mall in Rabat-Bouregreg.
(including the old Athens airport, Ag. joint ventures to develop hotels on
Kosmas’ marina and a new Integrated Deira Island (with global brands such Alargan Real Estate Investment
Casino Resort), in the context of an as Riu and Centara). Company
investment for the next 25 years Advising Alargan on a development
valued at c.€8-€9 billion in total. Al Maryah Island agreement, land purchase and
Advising Mubadala Investment other joint venture matters relating
Company on a number of real estate to the development of a real estate
Italy transactions in the development of US$200m mixed-use project located
its master community “Al Maryah in the heart of Casablanca.
UniCredit and Banco BPM Island” including the leasing of Abu
Acted for UniCredit and Banco BPM on Dhabi Global Market Square. Assoufid Properties Development
a financing to Fratelli Arena Srl (part of Acted for Assoufid on the
Arena Group) for the acquisition of 38 HSBC Build-to-Suit Premises development of the St-Regis
supermarkets in Sicily from SMA SpA Advising HSBC on the development (Starwood) hotel and condominium
(a subsidiary of Auchan SpA). and subsequent occupation of its in Marrakech.
bespoke headquarters in Emaar
Invesco Group Square, Downtown Dubai on a build- GRIT Real Estate Income Group
Acted for Invesco Group on a financing to-suit basis. Acted for GRIT in relation to the
for the acquisition of a retail outlet in purchase from Club Med of the holiday
Northern Italy (Outlet Center Brenner) Saudi Arabia hotels village located in Casamance (Senegal).
that comprises 15.300sqm of retail Advising on a number of hotel
space on three floors. projects in Saudi Arabia including the
development and management of two Poland
Development financings new five-star Movenpick hotels.
Advised a syndicate of banks on the Employees Provident Fund of
restructuring of a loan facility to Malaysia/Kwasa Europe
Rimigliano Srl, used to finance part The Netherlands Advising on the acquisition of a
of the development costs relating to portfolio of logistics warehouses
the construction of a luxury private EMTÉ Supermarkets located in France, Germany and
villa complex in Tuscany. Advising PLUS Holding BV (a large Poland from funds of Raiffeisen
supermarket brand in the Netherlands) Capital Management.
Advised numerous banks in relation on the potential acquisition, through
to the financing for the execution an auction process, of one of the largest Panattoni Europe
of a development plan for Venice’s retail portfolios in the Netherlands Advising on a number of projects,
Marco Polo Airport, including (c130 supermarkets). including multi-tenant warehouse-
terminal upgrade and extension, the industrial facilities and a built-to-suit
runway renewal and upgrade, the Deliveroo production-warehouse facility for
construction of additional taxiway Acting for Deliveroo on lease and BOSCH.
and aircraft parking facilities. sublease agreements in relation to a
large food court in Amsterdam, as part Nestlé Polska
of Deliveroo’s international Deliveroo Advising on the development of a new
Editions project. production plant for manufacturing of
pet food (“Purina” brand).
06 Norton Rose FulbrightA snapshot of recent deals
Lear Corporation ING Real Estate Resolution Property Holdings
Advising on sale and leaseback Advising ING Real Estate on the Advising Resolution Property
transactions for production facilities establishment of I.P. Property Fund Holdings (majority owned by Fosun)
in Special Economic Zones, Poland Asia Limited, a fund to invest in on the acquisition of the office
(SEZ), the development of a new property in South East Asia and on element of the iconic Royal Exchange
production plant in the SEZ, and the joint venture arrangements with building next to the Bank of England.
the extension of water treatment Singapore co-sponsor, Pidemco
facilities. Limited. Bank of Montreal
Advising Bank of Montreal on its
London accommodation strategy,
Russia South Africa including the pre-letting of 60,000
sq.ft. in GIC and British Land’s
Russian leading industrial BMW redevelopment of 100 Liverpool Street
producer Advised BMW South Africa as its new London headquarters.
Advising one of Russia’s leading Proprietary Limited (part of the
industrial producers in relation to BMW Group) on a long-term lease
development and operation of a agreement for their new 32,000 US
major infrastructure project in the sq.m. high-spec purpose built-parts
South of Russia. warehouse located in Midrand, BlackRock Realty Advisors, Inc.
Gauteng, one of BMW’s largest Acting for BlackRock in connection
Major International Investor facilities in Africa. with real estate joint ventures,
Advising a major international acquisitions, dispositions, leasing,
investor in relation to the Barloworld litigation, and workouts for its own
development of 100 hectares of land Advised Barloworld on the portfolio and its advisers throughout
in the Moscow region. acquisition of property, including the US.
their corporate head office park
International Investment Fund and surrounding land in Sandton, The Charles Schwab Corporation
Advising an international investment Johannesburg. Acting for Charles Schwab on its
fund on the potential acquisition strategic expansion across the US
of two buildings in the centre of Federal-Mogul Motorparts including new regional headquarter
Moscow with a total area of more Advised Federal-Mogul in all properties, office space, data centers
than 30,000 sq.m. (one of which is negotiations associated with their and retail locations.
an object of cultural heritage). corporate head office, and Gauteng
based distribution center’s relocation Daiwa House
International datacentre operator to a new site in a new semi-industrial Represented a joint venture
Advised an international datacentre office park to the east of Johannesburg. between Daiwa House and ITOCHU
operator on the acquisition of more Corporation in the development and
than 16,000 sq.m. of real estate in construction of Atelier, a 41 story
the Moscow region to expand its data UK tower with 417 residential units,
mining activities . retail and parking, located in Texas.
Olympia London Exhibition Centre
Advising a joint venture of Toyota Motor North America, Inc.
Singapore institutional investors on the £296m Acting for Toyota in connection
acquisition and subsequent £1bn with economic incentives, leasing,
Frasers Property Treasury Pte.Ltd. redevelopment of the Olympia finance, and construction matters
Advising on a A$750m five-year term London Exhibition Centre. relating to North American
loan facilities, comprising a A$500m manufacturing operations, including
green loan and a A$250m loan term. Old War Office vehicle manufacturing plants located
The green loan is the first in Singapore Advising a joint venture on the in Alabama and Texas.
with a pricing structure link to the acquisition and redevelopment of
BCA Green Mark, a rating system the iconic Old War Office Building
administered by the Building and in Whitehall London from the
Construction Authority in Singapore Ministry of Defence into one of the
to evaluate a building’s environmental finest hotels in London and luxury
impact and performance. apartments.
Norton Rose Fulbright 07Contacts Dan Wagerfield Global head of real estate, London Tel + 44 0207444 2764 dan.wagerfield@nortonrosefulbright.com Norton Rose Fulbright Norton Rose Fulbright is a global law firm. We provide the world’s preeminent corporations and financial institutions with a full business law service. We have more than 3700 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East. Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through our global risk advisory group, we leverage our industry experience with our knowledge of legal, regulatory, compliance and governance issues to provide our clients with practical solutions to the legal and regulatory risks facing their businesses. Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact. Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices. The purpose of this communication is to provide information as to developments in the law. It does not contain a full analysis of the law nor does it constitute an opinion of any Norton Rose Fulbright entity on the points of law discussed. You must take specific legal advice on any particular matter which concerns you. If you require any advice or further information, please speak to your usual contact at Norton Rose Fulbright. © Norton Rose Fulbright LLP BDD24626 05/20 EMEA (UK) Extracts may be copied provided their source is acknowledged.
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