Clifford Chance

Clifford Chance's US REIT team advises on the groundbreaking IPO of Safety, Income and Growth

Leading international law firm Clifford Chance advised on the formation and US$250 million initial public offering and concurrent private placement of Safety, Income and Growth, Inc. ("SAFE"). Clifford Chance also advised on SAFE's pre-IPO financing with institutional investors and the arrangement of a US$300 million credit facility for the company. Formed and wholly owned by real estate investment firm iStar Inc., SAFE is the first public REIT to own, manage, finance and capitalize ground net leases ("GNLs").

GNLs are typically "triple net" leases of land on which the tenant develops and operates commercial real estate. New York-based SAFE is structured to leverage rental income from GNLs and generate a secure cash flow with growth potential. SAFE intends to use the net proceeds of the IPO and concurrent private placement to acquire additional GNLs.

The Firm's team, led by Capital Markets partner Kathleen Werner, included Tax partner Richard Catalano, Leveraged Finance partner Gary Brooks and associates Devon MacLaughlin, Grace Park, Andrew Young, Tom McGowan and Lauren Keller.

Clifford Chance's top-ranked US REIT team is part of a fully integrated global network that combines experts from the Firm's premier practices in real estate, capital markets, funds, regulatory, finance, corporate and tax.