The firm is representing Beech Street Capital in connection with its announced acquisition by Capital One Financial Corporation. The terms of the transaction were not disclosed. The acquisition is expected to close in the fourth quarter of 2013.
International law firm DAC Beachcroft has advised an offshore investor client and its property manager, Arab Investments Limited, on the £94 million disposal of 40 Gracechurch Street in the City of London to Cornerstone Real Estate Advisers.
40 Gracechurch Street comprises 122,850 sq ft of Grade A office space across eight floors, as well as a restaurant on the ground and lower ground floors. It was developed in 2010 with Arab Investments, a longstanding client of DAC Beachcroft, acting as project manager.
Leading international law firm SJ Berwin has announced its London office has completed its second real estate transaction for Invesco Real Estate’s pan-European fund.
SJ Berwin advised the fund on the acquisition of the headlease interest in 20 Manchester Square, London W1, which is currently fully let to The Boston Consulting Group UK LLP, from Standard Life Investments Long Lease Property Fund.
The SJ Berwin team was led by partner Darren Rogers, assisted by associate Rachel Burns.
Slaughter and May has advised Taylor Wimpey plc, one of the largest residential developers in the UK, on the successful completion of the refinancing of its revolving credit facility. The revolving credit facility, which was due to mature in November 2014 was refinanced with a new revolving credit facility for £550 million to mature in August 2018.
CONTACTS
Financing: Mark Dwyer (partner), Adrian Wilkes (associate); Tax: Gareth Miles (partner), Venetia Jennings (associate)
Davis Polk advised Morgan Stanley & Co. LLC as initial purchaser in connection with a Rule 144A offering by Move, Inc. of an aggregate principal amount of $100 million of its 2.75% convertible senior notes due 2018.
A Weil team led by Corporate partners Philip Rosen and Shayla Harlev is acting as counsel to Verde Realty Operating Partnership, L.P., a majority-owned subsidiary of funds managed by Brookfield Property Partners LP, in connection with the $1.1 billion acquisition of Industrial Developments International Inc. (IDI) from a subsidiary of Japan’s Kajima Corp. Based in Hamilton, Bermuda, Brookfield is an owner, operator, and investor in commercial properties.
The Dentons team advising AIG/Lincoln was led by Stewart M. Middleman, Head of Cross-Border Transactions for Dentons’ European Real Estate Group. He was supported by a team of Dentons cross-border property lawyers and worked with Domenico Tulli and his team at the law firm of Gianni, Origoni, Grippo, Cappelli & Partners, a leading Italian law firm, in advising AIG/Lincoln. Stewart commented: "We are pleased to again support our long term client, AIG/Lincoln."
Skadden is representing the independent members of the board of directors of Inland American Real Estate Trust Inc. in its $2.3 billion sale of a portfolio of net lease assets to AR Capital, LLC, announced on August 9.
The property was acquired from Standard Life Investments for £2.9m, representing an initial yield of 11.1%
Shoosmiths' real estate specialist Alan Corcoran led the team, assisted by associate Simon Shoefield (real estate) and solicitor Marcus Woody (planning).