Clifford Chance
Alis Pay advises on all aspects of commercial real estate transactions including direct and indirect acquisitions and disposals, development, forward fundings, solvent and insolvent restructurings and real estate financings both domestic and cross border. Alis’ expertise spans a range of asset classes including logistics, office, student accommodation, PRS/BTR and hospitality and leisure. Alis is referred to as a “force inside European real estate” because of her track record of leading large-scale portfolio Real Estate M&A transactions that span the entire continent.
Alis' experience also extends to the hotel sector where she has advised investors and financiers on high value and trophy hotel assets. Having worked with numerous foreign investors on cross-border transactions, Alis is well-versed in guiding new entrants into the European real estate market.
Alis also leads the real estate input for Clifford Chance's market leading energy practice.
- EQT Exeter on the multi-billion sale of a 2.2 million sqm logistics portfolio consisting of 132 properties, on behalf of their private real estate fund EQT Exeter European Value Venture III
- GLP on their acquisition of a portfolio of 18 logistic properties in France, Germany and the Netherlands from Blackstone managed funds for c€500 million
- Apollo Global Management on the acquisition of three student accommodation buildings located in Cardiff, Norwich and Portsmouth from real investor WP Carey and Student Crown Living
- Heimstaden Bostad on their acquisition of Soho Wharf in Birmingham for £160 million from Apsley House Capital and Galliard Homes - marking Heimstaden's entry into the British real estate market
News and client work
Contact details
- Clifford Chance, London
- +442070064247
- Email me
- Speaks English, Greek and Portuguese
- Practice area Real estate
Career and qualifications
- Admitted as a solicitor in England & Wales 1995
- Joined Clifford Chance 1993
- Seconded to Clifford Chance Sao Paulo between 2002-2006
- Partner since 2014
Professional bodies
- Member of the Investment Property Forum
Awards and citations
- ‘Alis Pay is experienced and tireless in her ability to get deals closed.’
Legal 500 UK 2025 Commercial Property: Development - ‘Alis Pay is highly recommended for her ability to coordinate large pan-European deals.’
Legal 500 UK 2025 Commercial Property: Investment - ‘Alis Pay is highly recommended for her ability to coordinate large pan-European deals.’
Legal 500 UK 2025 Commercial Property: Investment - ‘Alis Pay is absolutely outstanding’
Legal 500 UK 2025 Commercial Property: Investment - Alis Pay is exceptional. You feel in safe hands.’
Legal 500 UK 2025 Commercial Property: Investment - ‘Alis Pay is excellent. Available, knowledgeable. She will go the extra mile for you and you feel in safe hands with her.’
Legal 500 UK 2025 Hospitality and Leisure - "Alis Pay is a great all-rounder lawyer who is able to provide practical advice on complex transactions."
Chambers UK 2025 Real Estate: £150 million and above - "I'd highly recommend her and hope to work with her on other transactions."
Chambers UK 2025 Real Estate: £150 million and above. - "Alis is great."
Chambers UK 2025 Real Estate: £150 million and above. - Alis Pay is ranked as "Notable practitioner ".
IFLR 1000 2024, Real estate acquisitions,
- United Kingdom. - “Alis is outstanding. She is our go-to point of reference for any complex real estate issue we are grappling with, and any issues get sorted quickly and efficiently.”
Chambers UK 2024 Real Estate: £150 million and above - “She is pragmatic, commercial and is happy to get on calls and find solutions.”
Chambers UK 2024 Real Estate: £150 million and above - “She was superb at coordinating a cross-border matter.”
Chambers UK 2024 Real Estate: £150 million an above. - Identified in the hall of fame
Legal 500 UK 2024 for Commercial Property: Investment - Identified as a leading individual
Legal 500 UK 2024 for Hospitality & Leisure - 'Alis Pay’s experience and knowledge of transactions involving complex cross-border portfolios is unrivalled.’
Legal 500 UK 2024 Commercial Property: Development - ‘Alis Pay and the team at CC were excellent in their support, commercial expertise and practical advice on all matters regarding development.’
Legal 500 UK 2024 Commercial Property: Development - 'Alis Pay is pre-eminent in her field and our go-to adviser for both real estate acquisitions and development financing. She is sharp, analytical, and clear.’
Legal 500 UK 2024 Commercial Property: Development - 'Alis Pay is fantastic – a genuine trusted adviser. She is highly experienced, pragmatic, and extremely client focused.’
Legal 500 UK 2024 Commercial Property: Investment - Ranked in band 5
Chambers UK 2023 Real Estate: £150 million and above - "Alis Pay is an outstanding lawyer. She has been instrumental in helping us win our new office space – her legal knowledge is outstanding, she is very efficient and commercial and client oriented. She manages her team very well. From a client perspective, there is seamless coverage."
Legal 500, Commercial Property: Corporate Occupiers 2023 - "Alis Pays brings a high level of experience and market awareness. Alis is a truly trusted legal advisor as she will always give the best advice to balance the legal considerations and the commercial drivers with a view to delivering the transaction."
- "Alis Pay is knowledgeable, pragmatic and a calming presence on deals."
Legal 500, Commercial Property: Investment 2023 - "Alis is collaborative and extremely client-focused.” "She has been an excellent legal adviser for us.”
Chambers UK, Real Estate: Big Ticket 2023 - Ranked as a Notable Practitioner for Real estate acquisitions by IFLR1000
- ‘Alis Pay is the absolute stand-out. Very smart and commercial, one of best if not the best lawyer I have ever worked with.’
Legal 500 2021 - Alis Pay is an extraordinary lawyer both in skills in client service. She is an excellent negotiator on behalf of her clients whilst always keeping her eye on getting the transaction done.
Legal 500 2021 - Identified as a Leading Individual by Legal 500 UK for Commercial Property: Investment 2021
- Identified as a Next Generation Partner by Legal 500 UK for Hospitality and Leisure 2021
- Identified as a Next Generation Partner by Legal 500 UK for Commercial Property: hotels & leisure in 2020
- “Alis Pay is a standout name in the hotels and leisure team which is well regarded for acquisition development financing and M&A-related transactions along with operating and related agreements.”
Legal 500 UK 2020 - Recommended by Legal 500 UK 2019
- "Alis Pay (‘an exceptionally talented and versatile lawyer’) helped lead a large cross-border team that advised acquisition vehicles established by China Investment Corporation on the €12.3bn acquisition of Logicor, which was the largest logistics property deal to date, and the second largest European real estate transaction ever."
Legal 500 UK 2019 - "Both Alis Pay and Jane Cheong Tung Sing are singled out for their ‘expert, detailed knowledge’, particularly in relation to hotel and leisure facility financings."
Legal 500 UK 2017