Patrizia Immobilien AG’s €1.2 Billion Acquisition Of A Real Estate Portfolio

Goodwin Procter LLP and Mayer Brown represented BentallGreenOak on the acquisition. Ey represented Patrizia Immobilien.

The London Real Estate Industry team advised long standing client BentallGreenOak on the sale of a portfolio of 42 premium logistics assets across four Western European jurisdictions (France, Spain, Italy and Netherlands) for a consideration of around €1.2 billion, via a sale of a structure involving regulated and unregulated, listed and private vehicles.

The logistics portfolio comprises over 1.4 million sqm of existing lettable area, with key tenants from international businesses in the ecommerce, manufacturing and third party logistics sectors, including Carrefour, Aldi, DHL, Dachser, Easydis and Geodis. The portfolio consists of a further 138,000 sqm of lettable area space for three developments in Italy and Spain, sold as part of forward purchase arrangements. The purchaser is backed by Danish and Korean pension funds, and Patrizia, a German listed real estate investor.

The transaction is one of the most significant and largest deals in its asset class in 2019 and highlights the continued trend of institutional investment in prime logistics, especially in Europe’s key logistics corridors. The transaction reinforces Goodwin’s reputation as the leading firm for executing complex and structured cross-border corporate real estate transactions in alternative real estate sectors.

BentallGreenOak is a leading, global real estate investment management advisor and a globally recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $48 billion USD of assets under management (as of September 30, 2019) and expertise in the asset management of office, retail, industrial and multi-residential property across the globe.

The Goodwin team was led by James Spence, David Evans and Raymond Fang, with a team including Martin Smith, Claire Haley, Melissa Wilkins and Laura Antuna-Ortega (Real Estate Industry), Katie Leah and Rishi Naidoo (Tax) and Angus Simpson (Private Equity).

Mayer Brown advised BentallGreenOak with a team including Jean-Pierre Lee, Erwan Heurtel, Vincent Nédellec, Wladimir Mangel, Maxence Létisse, Constance Bouchet, Antoine Alexis (Real Estate), Hervé Kensicher et Stéphane Joly (Finance).

EY advised on the fiscal and financial due diligence matters with Alessandro Padula, Aurelio Pensabene, Mario Naydenov, Chiara Limido, Lisa di Simo and Andrea Scialpi.

Involved fees earner: Lisa di Simo – EY Law; Jan Kiesel – EY Law; Chiara Limido – EY Law; Mario Naydenov – EY Law; Alessandro Padula – EY Law; Aurelio Pensabene – EY Law; Andrea Scialpi – EY Law; David Evans – Goodwin Procter; Raymond Fang – Goodwin Procter; Claire Haley – Goodwin Procter; Katie Leah – Goodwin Procter; Rishi Naidoo – Goodwin Procter; Angus Simpson – Goodwin Procter; Martin Smith – Goodwin Procter; James Spence – Goodwin Procter; Melissa Wilkins – Goodwin Procter; Antoine Alexis – Mayer Brown; Constance Bouchet – Mayer Brown; Erwan Heurtel – Mayer Brown; Stéphane Joly – Mayer Brown; Hervé Kensicher – Mayer Brown; Jean-Pierre Lee – Mayer Brown; Maxence Létisse – Mayer Brown; Wladimir Mangel – Mayer Brown; Vincent Nédellec – Mayer Brown;

Law Firms: EY Law; Goodwin Procter; Mayer Brown;

Clients: BentallGreenOak ; Patrizia Immobilien;