Clifford Chance is advising Sorouh Real Estate PJSC on its proposed merger with Aldar Properties PJSC, terms of which were agreed by their respective boards on 20 January 2013.

The merger, which has been unanimously recommended to shareholders, will create the largest listed real estate developer in Abu Dhabi and the second largest real estate developer in the UAE, with combined total assets of approximately AED47 billion.

International law firm Pinsent Masons has advised G:Res 1 Limited on the £349m corporate disposal of its market-let residential UK property portfolio to GRIP. GRIP is a residential investment fund backed by Grainger plc, the UK’s largest listed residential landlord, and APG Strategic Real Estate Pool.

LONDON, 18 January 2013 - Hogan Lovells' London planning team is advising on the redevelopment proposals for the Shell Centre. The various planning applications for the scheme were submitted to the London Borough of Lambeth on 13 December 2012.

Clifford Chance has advised long-standing client Hammerson plc on a 50:50 joint venture with Westfield to redevelop the Whitgift and Centrale Shopping Centres in Croydon.

Under the new joint venture agreement, Westfield and Hammerson intend to redevelop and combine the two main Croydon shopping centres, the Whitgift Centre and Centrale, to deliver a comprehensive and transformational change to Croydon. The mixed use scheme of around 200,000 m2  will include retail, leisure, residential with the potential for hotels and offices, and will create over 5,000 new jobs.

Macfarlanes has advised Muse Developments on two development agreements entered into with Basingstoke and Deane Borough Council for the £200m Basing View scheme.

Basing View is an established business base and the developments projects will create a regional business destination, with around 650,000 square feet of new commercial led development over 15 acres.  This will include a mix of new office space, a business class hotel and other supporting facilities.

Clifford Chance advised Münster Arkaden B.V., a property company owned by Sierra European Retail Real Estate Asset Fund B.V., on the sale of the Münster Arkaden to Aachener Grundvermögen Kapitalanlagegesellschaft mbH. The parties have agreed to maintain confidentiality on the purchase price.

CliffordChance has advised Nakheel PJSC in relation to its issuance of AED120.9 million, 10% tap certificates due 2016 to its trade creditors under its AED8.5 billion sukuk programme. This latest issuance brings the total amount issued by Nakheel to its trade creditors to AED4.148 billion, and further underpins Nakheel's commitment towards successfully implementing its revised business plan and the settlement of trade creditor claims.

Global law firm Eversheds has advised NewRiver Retail Limited ("NewRiver"), the UK REIT specialising in value-creating retail property investment and active asset management, on a new joint venture ("the Joint Venture") with LVS Luxembourg IV Sarl ("LVS"), a subsidiary of PIMCO BRAVO Fund, L.P.
 
The Joint Venture completed its first acquisition on 20 December of an £85 million UK wide major shopping centre portfolio at an attractive net initial yield of 9.7%.

Wragge & Co's real estate specialists have advised long-standing client and the UK's leading regeneration specialist St. Modwen Properties PLC together with its joint venture partner VINCI PLC, on a £2 billion development project for the regeneration of New Covent Garden Market in London.

Allen & Overy's real estate team has advised Genesis on its GBP125m sale and leaseback agreement for its East London development, Stratford Halo.

The agreement with M&G investments will provide Genesis with greater capacity to invest in regenerating balanced communities and in good quality, affordable housing at a time when public subsidy for the development of new homes is expected to fall further.