Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised TPG, the global alternative asset firm, and Patron Capital (‘Patron’) the pan-European institutional investor focused on property-backed investments, on the sale of the Merin office platform in the Netherlands to Canadian REIT Dream Global (‘Dream’) for €622m.

The consideration for the transaction is partly in cash and partly in listed Dream Units, with the cash element partly funded by an equity and debt offering by Dream. The Merin portfolio is one of the largest real estate platforms in the Netherlands.

TPG Real Estate, TPG Sixth Street Partners (‘TSSP’)  and Patron acquired Merin in 2012 in a deal that represented the first restructuring of a defaulted commercial mortgage-backed securitisation.

Following the acquisition, TPG Real Estate, TSSP and Patron repositioned the portfolio through acquisitions, disposals and an asset management and refurbishment programme, which significantly improved tenant satisfaction and retention rates.

The deal closed on 27 July 2017.

The Freshfields team was led by corporate partner Julian Pritchard and real estate senior associate Roger Schofield, and supported by corporate associate Matthew Hamilton.

Freshfields previously advised TPG Real Estate and its partner Ivanhoé Cambridge on the €1.4bn pre-sale refinancing and sale of the pan-European logistics business P3 to GIC for €2.4bn in 2016, a deal that was led by real estate partner Alex Watt and finance partner David Trott.