Global law firm Reed Smith has advised the Oaktree Capital Management and Patrizia joint venture on its acquisition of three MEPC business parks for £430 million from Hermes Real Estate. The business parks comprise: Chineham Park in Basingstoke, Birchwood Park in Warrington and Hillington Park in Glasgow.
Last summer the team advised the same joint venture parties on their £245 million acquisition of IQ Winnersh, a high-spec office and light industrial park near Reading, from listed Real Estate investment trust SEGRO.
The large cross-practice team was led by partners Oliver s’Jacob and Graham Reid in Reed Smith’s real estate private equity and real estate groups respectively, and also included lawyers from Reed Smith’s construction, finance, corporate, tax, IP and employment teams.
Oliver s’Jacob, partner and head of Reed Smith’s real estate private equity practice, commented:
“This is one of the most anticipated real estate deals of the summer. Following our ongoing work for Patrizia and Oaktree Capital Management, our cross-practice team was able to mobilise a team of over 60 lawyers at short notice to exchange contracts on this significant acquisition within a three week deadline.”
A team at Brodies led by Nick Scott provided Scottish law advice on the acquisition, while Carey Olsen (James Mulholland) acted for the purchaser on Jersey law matters. Hermes was advised by Berwin Leighton Paisner (Sam Narula and Simon Pollock), Maclay Murray & Spens in Scotland (Gillian Downie) and Mourant Ozannes (James Hill) in Jersey.
This marks the third major deal Reed Smith’s real estate private equity team has signed or this month. The team advised Marathon Asset Management on its £130 million acquisition of 11 former Queens Moat House Hotels which signed on 6 August and closed on 8 August. Also, having advised Starwood Capital on the formation of its £500 million MStar Europe joint venture with M7 Real Estate earlier in the summer, the team advised MStar Europe on its public takeover bid for London Stock Exchange-listed, Tamar European Industrial Fund Ltd for £53.55 million. The offer was declared unconditional on Monday 4 August, having secured over 96% of the shares at the first closing date.
ENDS
Note to Editors:
About the Reed Smith real estate and real estate private equity teams
The Reed Smith real estate team comprises of more than 160 lawyers globally. The team advises on complex, high value property transactions and specialist support in construction, tax, environmental, planning, property litigation, finance and corporate law. Clients include all market sectors including retail, leisure, hotel, outsourcing, media, banking, financial services, defence, rail and the ‘high tech’ sector.
The Reed Smith real estate private equity team has represented investors into real estate for more than 130 years. It continues to advise a broad mix of financial institutions, private equity funds, operating partners and other real estate investors across the firm’s steadily growing platform of international offices. The team has considerable expertise in indirect real estate investment, including joint ventures and co-ownership structures, and has helped its clients invest billions of dollars into real estate across a wide range of sectors, including offices, industrial/logistics, retail, hotels and leisure and residential property.
Recent big-ticket real estate deals the firm has advised on include: advising a private seller on its sale of five adjoining landmark freehold properties in New Bond Street to joint venture partners Oxford Properties and Richemont; advising Starwood Capital on its establishment of a £360 million joint venture with Vencom to acquire a portfolio of seven shopping centres located in Sweden from Kooperativa Forbundet; acting for the Europa Capital Partners and M7 Real Estate joint venture on the £140 million corporate sale of the LuxCo joint venture to The Prudential Assurance Company Limited; and advising M7 Real Estate Limited on the £50 Million sale of the Styx Portfolio to a partnership between Brockton Capital and Dunedin.
About Reed Smith
Reed Smith is a global relationship law firm, with more than 1,800 lawyers in 25 offices throughout Europe, the Middle East, Asia and the United States.
For further information, please visit www.reedsmith.com or contact Annabelle Price (branding & communications executive EME) on +44 (0)20 3116 3787.