A notable feature of the real estate industry in recent years has been the increasingly complex nature of the structures used to own, develop and fund real estate.
Recent developments have only served to reinforce the need to understand how these might best be deployed in a hugely challenging market.
In the investment markets, you need advisers who understand the different tools and techniques required to balance risk and reward and to maximise tradability. Linklaters' real estate and leisure sector specialists do understand them - in some cases we invented them - so we can help our clients to create value, share risk, enhance returns and mitigate tax costs using an ever-widening range of innovative and complex structures. We are also unique in being able to draw on market leading, cross border teams in all of the various disciplines required: banking, mergers and acquisitions, real estate corporate finance, tax, funds, securitisation, derivatives, litigation and asset finance, as well as environment, construction, planning/zoning and other real estate-specific expertise.
Businesses of all kinds need operational space which is held on the right terms and at the right cost, is well-located and well-run, appropriately equipped and environmentally sustainable. Linklaters is at the forefront of the market in terms of the traditional real estate specialisms required here.
Our capabilities in the leisure sector include hotel acquisitions and disposals, acquisition financing, bilateral and syndicated credit facilities, hotel management agreements including sale and leaseback or sale and ‘manage-back’, construction and development, the establishment of REITs, real estate finance and property litigation.
To discuss legal issues with Linklaters’ global real estate team, please contact sector leaders Michaela Sopp, Wolfram H. Krüger or William Buckley (real estate) or Pieter Puelinkcx (leisure).
You can find out more about Linklaters’ real estate and leisure capabilities from sector manager Madeeha Mirza on (44 20) 7456 5208.
Significant recent real estate transactions include advising:
- Accor S.A. – US$275m acquisition of Grupo Posadas’ hotels in South America
- Raven Russia Limited – US$215m acquisition of Pushkino Logistics Park (approx 213,000 square metres leaseable) near Moscow and associated debt and equity financings
- Capital & Counties – £149m dual currency placing of just under 10% of its existing share capital
- AXA REIM – setting-up of a Luxembourg regulated real estate fund with the Eurozone countries, Switzerlandand Sweden (excluding UK) as its geographic focus
- Lend Lease – regeneration of Elephant & Castle, London (£1.5bn)
- CBRE Global Investors – acquisition of the Warsaw Distribution Center - one of Poland’s first logistics parks
- Carbon reduction commitment – advising private equity firms on the application of the CRC to PE organisational structures and on disaggregation of individual businesses where relevant
- Ernst & Young – £400m sale of Battersea Power Station
- Various (confidential) – debt restructuring and acquisition of both performing and non-performing loan portfolios for U.S. private equity firms
- LaSalle German Retail Venture Fund – Euro Term Facility to refinance an existing €570m facility to German property companies owned by the fund