Clifford Chance

Clifford Chance advises iStar Inc. on merger with Safehold Inc.

Leading international law firm Clifford Chance advised iStar Inc. (iStar), a publicly traded real estate finance and investment company, on its merger with Safehold Inc. (Original Safe). The combined company (SAFE) operates under the name Safehold Inc. and its common stock trades under the ticker "SAFE" on the New York Stock Exchange.

The transaction closed on March 31, 2023 and will accelerate SAFE's market leadership in the ground lease industry and make SAFE the only internally-managed, pure-play ground lease company in the public markets. Clifford Chance advised iStar on the spin-off and initial public offering of Original Safe in 2017.

Clifford Chance also advised iStar on the spin-off of its legacy asset business, consummated immediately prior to the closing of the merger, via a distribution to iStar shareholders of a new publicly traded entity, Star Holdings (NASDAQ: STHO), owning all iStar's non-ground lease assets and US$400 million of iStar's Original Safe shares.

Partner Kathleen Werner led the cross-practice team on the transaction, supported by associates Stephanie Kilmer, Curtis Kyuyong Cha, Daniel Meagher, Vicki Ye and Enzo Martinez on M&A matters, associate Soyeon Kim and law clerk Thomas Pearce on capital markets matters. Partner Mike Seaton and associates Hannah Richard and Sharon Yu advised on tax matters, partner Gary Brooks, and associates Tom McGowan, Chiemaka Chukwu and Alexis Haddock advised on banking and finance matters, and partners Howard Adler and Paul Koppel and associate David Walsh assisted with executive compensation and employee benefits matters.

This transaction continues the firm's work on landmark matters in this space, including advising Watermark Lodging Trust on proposed US$3.8 billion merger with Brookfield real estate funds and CPA®:18 – Global on proposed US$2.7 billion merger with W. P. Carey.