Clifford Chance

Clifford Chance advises PATRIZIA on its proposed €1.2bn acquisition of a pan-European logistics portfolio from BentallGreenOak

Leading international law firm Clifford Chance is advising PATRIZIA AG ("Patrizia"), the global partner for pan-European real estate investment, on the proposed acquisition of a pan-European portfolio of 42 logistics assets from BentallGreenOak for approximately EUR 1.2 billion. The acquisition will be made by a newly established logistics fund sponsored by Patrizia and backed by a club of institutional investors comprising PFA Pension in Denmark and Public Officials Benefit Association in South Korea, as well as PATRIZIA Logistik-Invest Europa II (PLIE II).

Located in France, Spain, Italy and the Netherlands, the portfolio comprises over 1.4 million sq. metres of existing lettable area as well as a further 138,000 sq. m of lettable space for three developments in Italy and Spain. Of the 42 assets, 39 are yielding properties and three are forward purchase new logistics developments in Italy and Spain which are partially pre-let.

Clifford Chance fielded an integrated cross-practice and cross-border team to advise Patrizia on this multi-faceted transaction. In addition to the M&A team, Clifford Chance's funds practice advised Patrizia on the establishment of the new logistics fund, while the Clifford Chance finance team advised on the external debt financing arrangements required in connection with the transaction.

Adrian Levy, Partner and Global Co-Head of the Real Estate Sector commented: “The acquisition reinforces Clifford Chance's expertise in the growing logistics sector, with the firm having been involved in a number of the largest deals in recent years, including CIC's acquisition of Logicor from Blackstone in 2017.”

The London M&A team was led by Adrian Levy and supported by Senior Associate Riaz Pirmohamed. The London real estate team was led by Partner Alis Pay and supported by Senior Associate Sarah Dawson, while the London tax team was led by Partner David Saleh and supported by Senior Associates Edward Page and Jemma Dick. The London funds team was led by Partner Alexander Chester and the London finance team was led by Partner Barry O'Shea. The London office was supported by Partners Claudio Cerabolini and Lucio Bonavitacola in Milan, Alexandre Couturier in Paris, Jan Grabbe in Germany and Kristof Meynaerts and Katia Gauzès in Luxembourg, and Counsel Liesbeth Buiter in Amsterdam.