Our market leading global REIT Group can advise you on all aspects of real estate investment trusts.
We deliver commercial solutions on complex transactions for real estate investment trusts, investment banks and financial institutions in the domestic and international real estate markets.Our global scale means that, unlike many of our competitors, our strengths are not concentrated in a handful of jurisdictions. We are able not only to advise on a wider range of transactions but also have key ongoing roles in shaping the law in relation to REITs.
Our team of experts offers full-service advice on all stages concerning fund structure, documentation, marketing and administration, including:
- fund formation;
- registration;
- securities offerings;
- debt financings;
- mergers and acquisitions;
- private equity;
- portfolio transactions;
- day-to-day operations;
- strategic investments in real estate trusts; and
- related tax and insolvency matters.
Our global REIT group is backed by a world-renowned commercial real estate practice with in-depth knowledge of local real estate markets in the Americas, Europe and Asia.
In Europe, our REIT Group brings together US and European legal experts to help clients understand the impact of a REIT vehicle on domestic real estate markets such as the UK, Germany, France and The Netherlands.
In the UK we acted for Hammerson plc in their conversion to a REIT and continue to act for them in maintaining their REIT status. We recently advised them on the £445 million sale of a 75% interest in Bishops Square, Spitalfields, London E1, Hammerson's largest asset (Jonathan Solomon and David Saleh). We also advised Brixton plc in relation to a takeover offer made by SEGRO plc valued at approximately £109.4 million to be effected by way of a securities exchange offer. The transaction is the first takeover of a UK REIT and will create Europe's largest REIT by property portfolio value. (Adrian Levy, Sarah Squires). In Germany we advised Hamborner AG, Duisburg, on the due transformation into a REIT. Hamborner AG will be the first REIT AG in Germany emerging from a company that has been listed on the stock exchange for a number of years. (Dr. Thomas Stohlmeier, Dr. Uwe Schimmelschmidt).
In the US, our team continue to serve as issuer’s counsel or designated underwriters for more than 40 REITs, providing full-service advice on all aspects of the REIT industry. No other firm covers the entire spectrum of the REIT industry or globe with the depth of Clifford Chance.
Our leading US practice, working closely with our global network, is characterised by exceptional creative problem solving and out-of-the box solutions and is credited with developing innovative solutions that are now commonly used in the industry. Our team has been consistently recognized as a leader in the REIT industry: we were the only law firm ranked among the top ten for all REIT securities league tables in the 2006 issue of The American Lawyer Corporate Scorecard; in the 2007 issue of The American Lawyer Corporate Scorecard, we received top rankings once again; our rankings in the April 2008 issue of The American Lawyer Corporate Scorecard were as follows:
- REIT Debt Underwriter’s Counsel - 2nd by number of issues and 5th by deal value
- REIT Equities Underwriter’s Counsel - 4th by number of issues and 3rd by deal value
- REIT Equities Issuer’s Counsel - 2nd by number of issues and 3rd by deal value
We represented Hypo Real Estate Capital Corporation in the US in connection with its $534 million acquisition of Quadra Realty Corporation; announced January 28, 2008 and completed March 2008. This was the first completed acquisition of a REIT structured as a two step transaction (tender offer followed by a back end merger). (Led by Larry Medvinsky and Karl Roessner).
Our long established REITs expertise in Asia means that we have long provided trusted support to issuers, sponsors, underwriters and lenders alike. With close relationships with the regulators across the region we provide a full range of "cradle to grave" advice and although the Asian market has also been adversely affected by the global downturn we also remain at the forefront of market developments, maintaining the close relationships that have been built up over the years. In Singapore we acted for Citigroup Global Markets Singapore Pte. Ltd. and Macquarie Capital Securities (Singapore) Pte. Limited, as placing agents, on the Section 4(2) private placement of new units in Singapore-listed Ascendas Real Estate Investment Trust (A-REIT), raising US$201 million. The placement included a Reg. S offering. The private placement is part of A-REIT's equity fund raising programme (Crawford Brickley, Deborah Ong, Colin Dunlop).