Global real estate A snapshot of recent deals May 2020 - Norton Rose Fulbright

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Global real estate A snapshot of recent deals May 2020 - Norton Rose Fulbright
Financial institutions
Energy
Infrastructure, mining and commodities
Transport
Technology and innovation
Life sciences and healthcare

Global real estate
A snapshot of recent deals
May 2020
Our areas of real estate work include
           Acquisitions and disposals   Leisure industry

           Commercial leasing           Medical facilities and healthcare

           Construction                 Planned communities

           Development                  Portfolio management

           Dispute resolution
                                        Real estate financing
           and litigation
           Economic incentives
                                        Residential developments and projects
           and programmes
           Environment, safety
                                        Restructuring and insolvency
           and planning

           Joint ventures               Retail

           Land use regulation          Tax

02   Norton Rose Fulbright
Global practice
Offices    Real estate lawyers   Real estate partners

50+        250                   80

                                                        Norton Rose Fulbright 03
Global real estate

Global real estate
A snapshot of recent deals
Real estate is one of the principal strengths of our global network, founded on
our reputation for effective, no-nonsense handling of high-profile and complex
transactions.

With the increasing sophistication of the real estate market and widening of the definition of traditional
real estate to include real assets and related service businesses, we are one of a small number of firms who
genuinely have the experience, skill and support necessary to service our clients’ needs through a period
of change for the sector.

Globally, our real estate practice spans the UK and Europe, the United States, Canada, Asia, Australia,
Africa and the Middle East. With more than 3,700 lawyers and other legal staff based in more than
50 cities, Norton Rose Fulbright is one of the largest global law firms with a truly global real estate
offering. Our real estate lawyers work closely with our banking, restructuring, corporate, securitization,
construction, planning, environment, funds and tax lawyers who have a genuine understanding of
domestic and international real estate markets. Our collective understanding allows us to bring to each
transaction the best of the techniques in use in other jurisdictions, to the benefit of all our clients.

Awards and accolades
Real Estate Firm of the Year                            Best Legal Firm 2019
Legal 500 UK Awards 2018 and 2020                       Panattoni Europe 2019 Gala & Awards

Top tier for: Development | Hotels and                  “Long-standing practice with a strong
leisure | Corporate occupiers                           presence in the GCC.”
Legal 500 UK, 2020                                      Chambers Global: UAE, 2019

Ranked Band 2 in Chambers                               Best Law Firm for real estate
Asia-Pacific, 2020                                      US News & World Report and Best Lawyers 2019

“Extremely responsive, able to turn on a
dime and do work super quickly”.
“We feel in good hands”.
“Very much our trusted adviser”.”
Chambers Canada, 2019

04 Norton Rose Fulbright
A snapshot of recent deals

Australia                                Healthcare of Ontario Pension              Vodafone
                                         Plan (HOOPP)                               Advising Vodafone on the lease of
BP International Limited                 Advising HOOPP on its co-ownership         large premises located in La Défense.
Acting for BP on the A$1.8bn             and redevelopment of Brentwood Mall
acquisition of 527 service stations      in Burnaby, British Columbia, which        KKR
throughout Australia and the             will include three 50-storey residential   Advised KKR on the sale of around
subsequent divestment of selected        towers, a six level underground            30 assets representing a surface area
sites as may be required by              parking facility and a retail podium       of just over 86,000m² for an amount
regulatory approvals.                    requiring approximately C$1bn in           in excess of €100m.
                                         construction financing.
Fortius Funds Management                                                            Certas Energy
Advised Fortius Funds Management                                                    Advised Certas Energy on the
on the establishment of an               China and Hong Kong                        construction, development and
investment trust to acquire                                                         asset management of over 400
“The Barracks”, a A$162m                 China Overseas Land & Investment           highway service stations branded
mixed-use complex in Brisbane.           Limited                                    Esso in France.
                                         Advised China Overseas Land &
Growthpoint Properties Australia         Investment Limited on its acquisition      BayernInvest Luxembourg
Advised Growthpoint on the A$250m        of a property portfolio in 25              Advised BayernInvest Luxembourg
purchase of 100 Skyring Terrace, the     cities in China from CITIC Group           on the refinancing of a large stake
headquarters of Bank of Queensland.      for US$4.8bn (RMB31bn). The                of the debt subscribed by an SPV,
                                         transaction represents the largest         100 per cent affiliate of Invesco,
                                         M&A in the China property sector.          for the high-value acquisition
Canada                                                                              of Capital 8 (€789m).
                                         Country Garden Services Holdings
Ivanhoé Cambridge Inc.                   Company Limited
Advised on the sale of the Rockhill,     Advised HSBC and Goldman Sachs as          Germany
a multi-residential rental property      joint sponsors on the spin-off of
known as “a Montreal Icon on             Country Garden Services Holdings           Fattal Hotels Group
the Mountain”, comprising of six         Company Limited, the property              Acted for Fattal Hotels Group on
buildings on approximately 7.6           management and relevant business           the sale of a Leonardo Royal Hotel
acres. The property was sold to Minto    of Country Garden Holdings Co. Ltd.        in Munich to the US real estate
Apartment Limited Partnership and        on the Hong Kong Stock Exchange by         investor Invesco Real Estate with a
its 50% co-acquirer I.G. Investment      way of introduction.                       transaction volume of €157m. Also
Management Ltd., as trustee for                                                     on numerous transactions and hotel
Investors Real Property Fund, for a      Pacific Century Premium                    lease agreements, inter alia purchase
total consideration of C$268m.           Developments Limited                       of 20 hotels from Goldman Sachs and
                                         Advised Pacific Century Premium            disposal of 18 hotels.
CDPQ Infra Inc                           Developments Limited on its
Advised CDPQ Infra Inc. on the           proposed joint venture with Paradise       American Realty Capital
development of a C$6bn light             Pinetree Development Limited in            Global Trust
train infrastructure project of 67       relation to the investment in and          Acted for American Realty Capital
kilometers in the greater Montréal       development of a luxury resort             Global Trust on the acquisition and
area crossing over 22 municipalities     project in Thailand.                       financing of RWE’s headquarters
and boroughs.                                                                       buildings in Essen through sale
                                         France                                     and leaseback as well as on the
Solargise Canada Inc.                                                               refinancing of the German real estate
Advised on the C$900m acquisition        LyondellBasell                             portfolio with Helaba.
and development of a solar panel         Advising on the sale of a facility
manufacturing facility, to be followed   located on the petrochemical site of       Amundi
by the development of an operating       Etang de Berre to Orion GmbH, and          Acted for Amundi on fund
polysilicon plant for an additional      advising on the remediation and sale       structuring, several acquisitions
investment of C$1bn.                     of a large parcel of land located on       and respective financings, e.g. the
                                         their French petrochemical site for a      acquisition of bank building in
                                         logistics and warehouse development.       Frankfurt by way of share deal.

                                                                                              Norton Rose Fulbright 05
Global real estate

Union Investment                             Advised Italian and international           Wehkamp
Acted for Union Investment on the            banks on a financing for the                Advising RFS Holland Holding (an
first club deal for an office ensemble.      acquisition of a retail sales network       affiliated company of Wehkamp
The transaction was conducted in             and real estate assets and properties       Holding, an online shopping
the form of a forward share deal and         of a leading European distributor of        brand) on the construction of a new
involved the acquisition of 60 per           electrical appliances and products          distribution centre in Zwolle.
cent of a project company.                   for consumers.

                                                                                         North and West Africa
Greece                                       Middle East
                                                                                         Aksal
Hellinikon development                       Nakheel joint ventures                      Advising Aksal, mall and retail leader
Advising Lamda Development (the real         Acting for master developer Nakheel         in Morocco, on the creation of joint
estate arm of Latsis Group) on the           on a number of joint ventures in            venture with Wessal Capital, and on
mega real estate development project         the hotel, leisure and retail sector        the development of a 40,000 sq.m.
of the 6 million m² Hellinikon property      including advising on its hospitality       mall in Rabat-Bouregreg.
(including the old Athens airport, Ag.       joint ventures to develop hotels on
Kosmas’ marina and a new Integrated          Deira Island (with global brands such       Alargan Real Estate Investment
Casino Resort), in the context of an         as Riu and Centara).                        Company
investment for the next 25 years                                                         Advising Alargan on a development
valued at c.€8-€9 billion in total.          Al Maryah Island                            agreement, land purchase and
                                             Advising Mubadala Investment                other joint venture matters relating
                                             Company on a number of real estate          to the development of a real estate
Italy                                        transactions in the development of          US$200m mixed-use project located
                                             its master community “Al Maryah             in the heart of Casablanca.
UniCredit and Banco BPM                      Island” including the leasing of Abu
Acted for UniCredit and Banco BPM on         Dhabi Global Market Square.                 Assoufid Properties Development
a financing to Fratelli Arena Srl (part of                                               Acted for Assoufid on the
Arena Group) for the acquisition of 38       HSBC Build-to-Suit Premises                 development of the St-Regis
supermarkets in Sicily from SMA SpA          Advising HSBC on the development            (Starwood) hotel and condominium
(a subsidiary of Auchan SpA).                and subsequent occupation of its            in Marrakech.
                                             bespoke headquarters in Emaar
Invesco Group                                Square, Downtown Dubai on a build-          GRIT Real Estate Income Group
Acted for Invesco Group on a financing       to-suit basis.                              Acted for GRIT in relation to the
for the acquisition of a retail outlet in                                                purchase from Club Med of the holiday
Northern Italy (Outlet Center Brenner)       Saudi Arabia hotels                         village located in Casamance (Senegal).
that comprises 15.300sqm of retail           Advising on a number of hotel
space on three floors.                       projects in Saudi Arabia including the
                                             development and management of two           Poland
Development financings                       new five-star Movenpick hotels.
Advised a syndicate of banks on the                                                      Employees Provident Fund of
restructuring of a loan facility to                                                      Malaysia/Kwasa Europe
Rimigliano Srl, used to finance part         The Netherlands                             Advising on the acquisition of a
of the development costs relating to                                                     portfolio of logistics warehouses
the construction of a luxury private         EMTÉ Supermarkets                           located in France, Germany and
villa complex in Tuscany.                    Advising PLUS Holding BV (a large           Poland from funds of Raiffeisen
                                             supermarket brand in the Netherlands)       Capital Management.
Advised numerous banks in relation           on the potential acquisition, through
to the financing for the execution           an auction process, of one of the largest   Panattoni Europe
of a development plan for Venice’s           retail portfolios in the Netherlands        Advising on a number of projects,
Marco Polo Airport, including                (c130 supermarkets).                        including multi-tenant warehouse-
terminal upgrade and extension, the                                                      industrial facilities and a built-to-suit
runway renewal and upgrade, the              Deliveroo                                   production-warehouse facility for
construction of additional taxiway           Acting for Deliveroo on lease and           BOSCH.
and aircraft parking facilities.             sublease agreements in relation to a
                                             large food court in Amsterdam, as part      Nestlé Polska
                                             of Deliveroo’s international Deliveroo      Advising on the development of a new
                                             Editions project.                           production plant for manufacturing of
                                                                                         pet food (“Purina” brand).

06 Norton Rose Fulbright
A snapshot of recent deals

Lear Corporation                           ING Real Estate                            Resolution Property Holdings
Advising on sale and leaseback             Advising ING Real Estate on the            Advising Resolution Property
transactions for production facilities     establishment of I.P. Property Fund        Holdings (majority owned by Fosun)
in Special Economic Zones, Poland          Asia Limited, a fund to invest in          on the acquisition of the office
(SEZ), the development of a new            property in South East Asia and on         element of the iconic Royal Exchange
production plant in the SEZ, and           the joint venture arrangements with        building next to the Bank of England.
the extension of water treatment           Singapore co-sponsor, Pidemco
facilities.                                Limited.                                   Bank of Montreal
                                                                                      Advising Bank of Montreal on its
                                                                                      London accommodation strategy,
Russia                                     South Africa                               including the pre-letting of 60,000
                                                                                      sq.ft. in GIC and British Land’s
Russian leading industrial                 BMW                                        redevelopment of 100 Liverpool Street
producer                                   Advised BMW South Africa                   as its new London headquarters.
Advising one of Russia’s leading           Proprietary Limited (part of the
industrial producers in relation to        BMW Group) on a long-term lease
development and operation of a             agreement for their new 32,000             US
major infrastructure project in the        sq.m. high-spec purpose built-parts
South of Russia.                           warehouse located in Midrand,              BlackRock Realty Advisors, Inc.
                                           Gauteng, one of BMW’s largest              Acting for BlackRock in connection
Major International Investor               facilities in Africa.                      with real estate joint ventures,
Advising a major international                                                        acquisitions, dispositions, leasing,
investor in relation to the                Barloworld                                 litigation, and workouts for its own
development of 100 hectares of land        Advised Barloworld on the                  portfolio and its advisers throughout
in the Moscow region.                      acquisition of property, including         the US.
                                           their corporate head office park
International Investment Fund              and surrounding land in Sandton,           The Charles Schwab Corporation
Advising an international investment       Johannesburg.                              Acting for Charles Schwab on its
fund on the potential acquisition                                                     strategic expansion across the US
of two buildings in the centre of          Federal-Mogul Motorparts                   including new regional headquarter
Moscow with a total area of more           Advised Federal-Mogul in all               properties, office space, data centers
than 30,000 sq.m. (one of which is         negotiations associated with their         and retail locations.
an object of cultural heritage).           corporate head office, and Gauteng
                                           based distribution center’s relocation     Daiwa House
International datacentre operator          to a new site in a new semi-industrial     Represented a joint venture
Advised an international datacentre        office park to the east of Johannesburg.   between Daiwa House and ITOCHU
operator on the acquisition of more                                                   Corporation in the development and
than 16,000 sq.m. of real estate in                                                   construction of Atelier, a 41 story
the Moscow region to expand its data       UK                                         tower with 417 residential units,
mining activities .                                                                   retail and parking, located in Texas.
                                           Olympia London Exhibition Centre
                                           Advising a joint venture of                Toyota Motor North America, Inc.
Singapore                                  institutional investors on the £296m       Acting for Toyota in connection
                                           acquisition and subsequent £1bn            with economic incentives, leasing,
Frasers Property Treasury Pte.Ltd.         redevelopment of the Olympia               finance, and construction matters
Advising on a A$750m five-year term        London Exhibition Centre.                  relating to North American
loan facilities, comprising a A$500m                                                  manufacturing operations, including
green loan and a A$250m loan term.         Old War Office                             vehicle manufacturing plants located
The green loan is the first in Singapore   Advising a joint venture on the            in Alabama and Texas.
with a pricing structure link to the       acquisition and redevelopment of
BCA Green Mark, a rating system            the iconic Old War Office Building
administered by the Building and           in Whitehall London from the
Construction Authority in Singapore        Ministry of Defence into one of the
to evaluate a building’s environmental     finest hotels in London and luxury
impact and performance.                    apartments.

                                                                                                Norton Rose Fulbright 07
Contacts
Dan Wagerfield
Global head of real estate, London
Tel + 44 0207444 2764
dan.wagerfield@nortonrosefulbright.com

Norton Rose Fulbright
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© Norton Rose Fulbright LLP BDD24626 05/20 EMEA (UK) Extracts may be copied provided their source is acknowledged.
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