11 February 2014
Clifford Chance advises Segro European Logistics Partnership on acquisition of €472 million European prime logistics portfolio from funds managed by Tristan Capital Partners
International law firm Clifford Chance advised SEGRO European Logistics Partnership ('SELP') on the acquisition of a portfolio of prime logistics assets and development land in Germany, Poland and France for €472 million. The portfolio comprises 14 prime modern logistics assets (ten in Germany, three in Poland and one in France) covering approximately 679,000 sq m of lettable space.
Clifford Chance advised SEGRO plc on the formation of the joint venture in October 2013 and the sale of the seed portfolio comprising €974 million of logistics assets and land by SEGRO plc to the joint venture.
Following this transaction, SELP will contain approximately €1.5 billion of investment assets (based on acquisition cost) across 2.3 million sq m of lettable space as well as land under development. Completion is expected in the second quarter of 2014, subject to certain closing conditions.
Adrian Levy, the lead partner on the transaction comments: "Having advised SEGRO plc on establishing the joint venture we were delighted to advise SELP on its first major acquisition. We fielded a multi-jurisdictional team to meet the requirements of this significant transaction, representing an almost 50 per cent increase in the joint venture's investment in some of the best logistics markets in Europe. This type of complex cross-border corporate real estate work is an excellent example of where we can add value to our clients."
The Clifford Chance team was led in London by Adrian Levy, Global Head of the Real Estate Sector, who was assisted by senior associate John Went and associates Rachael O'Donnell and Lucie Lambert. London real estate partner Mark Payne and senior associate Nick Redman led on real estate aspects. London tax partner David Saleh, Head of Real Estate Tax, and senior associate Alastair Alderton led on tax aspects assisted by associate Edward Page.
PwC acted for SELP on tax matters. Gleiss Lutz in Germany, Dentons in Poland and Ashurst in France advised on local property law matters.