Jones Day advised Jacfin Pty Ltd on its industrial development at Eastern Creek in Sydney, Australia.
For additional information about this matter, please contact: Gregory K. Begaud
Client(s): Jacfin Pty Ltd
Practice(s): Projects & Infrastructure
Office(s): Sydney
Macfarlanes has advised Legal & General Property on the merger of its Industrial Property Investment Fund (“IPIF”) with the Falcon Property Unit Trust (“Falcon”). The two funds have successfully entered into an Amalgamation Agreement under which the amalgamation has taken place immediately.
The amalgamated fund will be called IPIF and with almost £900m in industrial assets, will be the largest UK industrial specialist fund. It will continue to be managed by Legal & General Property.
Burges Salmon has advised Falcon Property Trust on its amalgamation with Legal & General's IPIF Fund. The deal sees Legal & General's IPIF Fund purchase Falcon's units for a mixture of cash and units in IPIF for a value in excess of £100 million. All 36 properties in Falcon Property Trust will now form part of the IPIF portfolio.
The Burges Salmon team was led by head of the firm's Real Estate Investment practice group, Rick Read, and Corporate partner, Chris Godfrey, with assistance from associate Gareth Hughes and senior associate Emma Payne.
National law firm Irwin Mitchell's real estate team has advised key client Gazeley on the forward funding of a new unit at Magna Park, Milton Keynes to Aviva’s Lime Property Fund for a price in excess of £70 million. The unit has been pre-let to John Lewis plc on a 30 year lease and Aviva has acquired the land and will fund the construction of the building. Gazeley exchanged an agreement for lease with John Lewis plc in April 2013, which the Irwin Mitchell team also advised on. Practical completion of the building is expected around in early 2014.
The contentious construction team at law firm Trowers & Hamlins has successfully pursued enforcement proceedings on behalf of subcontractor CG Group Limited in adjudication against construction and roofing contractor Breyer Group Plc.
Baker & McKenzie is advising ARA Asset Management (Fortune) Limited, as manager of Fortune Real Estate Investment Trust (“Fortune REIT”), on Fortune REIT's proposed acquisition from Cheung Kong (Holdings) Limited of Kingswood Ginza in Hong Kong for a total consideration of approximately HK$5.84 billion. The acquisition will be by way of purchase of the company holding the Kingswood Ginza Property. The purchase consideration will be financed by drawing down new term loan facilities and using the net proceeds of the unit placement conducted recently by Fortune REIT in August 2013.
Slaughter and May advised Legal & General Property on the real estate investment purchase of a City of London office and retail building of over 200,000 square feet for approximately £200 million, structured by way of the acquisition of the entire issued share capital of a holding company of the property owning vehicle.
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Herbert Smith Freehills has advised Travis Perkins (Properties) Ltd on a £52.8m sale and leaseback of its new 630,000 sq ft regional distribution centre at the Omega North in Warrington, Cheshire from Standard Life Investments Long Lease Property Fund.
Travis Perkins, the UK’s largest supplier to the building and construction market, will take a 25-year lease at the development in Cheshire.
Baker & McKenzie represented Komar Investments, Inc., a Florida corporation, as borrower's counsel in the $65 million refinancing of the South Beach Marriot Hotel in Miami Beach. The Hotel is owned by Komar Investments and managed by Marriott International, Inc.
Komar Investments is a joint venture owned by Omega Capital (50%) and by Key International Holdings, Inc. (50%). Omega Capital is a Spanish group of companies with interests in several real estate assets in the U.S. The loan was granted by Citigroup Global Markets Realty Corp.
Allen & Overy Paris and Gide Loyrette Nouel advised Unibail-Rodamco and SOCRI Group in the establishment of a partnership for the development of the largest commercial center of the Côte d'Azur, Cagnes-sur-mer.
This centre will provide around a new concept of art and shopping, 75,000 m² of shops, restaurants and dedicated to art and culture spaces.
The total amount of the construction operation of the project amounts to 350 million euros.