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Clifford Chance advises Digital Bridge on sale of US$535 million real estate portfolio

January 7, 2022

Clifford Chance advises Digital Bridge on sale of US$535 million real estate portfolio

New York, Paris: Leading international law firm Clifford Chance has advised DigitalBridge Group Inc. (DigitalBridge), a global investment management firm, on the sale of a substantial portion of its Other Equity and Debt (OED) portfolio of real estate assets and associated general partner interests and management rights to global investment manager Fortress Investment Group LLC (Fortress) for US$535 million.

Under the terms of the agreement, Fortress acquired the general partner interests and management rights to certain DigitalBridge-sponsored fund vehicles, and certain debt and equity positions in the Group's non-digital real estate holdings. The OED portfolio comprised real estate assets in both the United States and Europe, and is diversified by investment type, underlying asset class and industry.

DigitalBridge was formerly known as Colony Capital Inc., and will use the proceeds generated from this disposition for further digital investments as part of its transition to a fully digital business.

Partner David Brinton commented, "DigitalBridge is a long-time client of Clifford Chance, and we are pleased to have advised them on this complex transaction. Our cross-practice Clifford Chance team, with lawyers from New York and Paris, illustrates our strength in global private equity transactions, including in the growing fund GP and secondaries market."

M&A partners David Brinton and Neil Barlow, and Funds & Investment Management partner Daniel Drabkin led the transaction with support from M&A associates Katerina Papacosma and Eric Schaffer.

The wider team includes:

  • New York: M&A associates Rachel Park and Zoya Afridi, and law clerk Vicki Ye; Funds & Investment Management associates Simi Obatusin, Mark Phillips and Xi Bing Su, and law clerk Kimara Davis; Tax partner Philip Wagman, counsel Rebecca Pereira and associate Hannah Richard; Corporate counsel Daryl Fairbairn; and Tax, Pensions and Employment partner Howard Adler
  • Luxembourg: M&A advocat Frédérique Davister, and trainee Frédéric Barbato; and Employment avocat John Ted
  • Paris: M&A partner Marianne Pezant, and avocats Veronique De Hemmer Gudme and Alice Declercq
  • Washington, DC: Competition/Antitrust partner Timothy Cornell, and associates Abigail Cessna and Santiago Roca Arribas