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.
Davis Polk is advising Murphy Oil Corporation in connection with the spinoff of its U.S. retail marketing business, which will be achieved through the distribution of 100% of the shares of Murphy USA Inc. The distribution of Murphy USA shares is expected to be completed after the market close on August 30, 2013, with Murphy Oil shareholders receiving one share of Murphy USA common stock for every four shares of Murphy Oil common stock.
Clifford Chance is advising Informa plc, a leading academic publishing, business information and events group, in connection with the sale of its five corporate training businesses to an affiliate of Providence Equity Partners for total consideration of up to $180 million. Subject to certain adjustments, Informa will receive $100 million in cash and a $65 million loan note at closing, as well as an additional payment of up to $15 million in 2014 if the businesses achieve a certain level of revenue in 2013. The transaction is expected to close in the third calendar quarter of this year.
Global law firm Eversheds has advised property investment and development company SEGRO on the sale of its IQ Winnersh development in the UK for £245.1m. The site was sold to a joint venture between Oaktree Capital Mangement LP and Patrizia AG.
IQ Winnersh is a 118,200 sq m mixed use suburban office and light industrial business park which has been developed over the past 40 years, predominantly by SEGRO.
A cross-border team of Dechert lawyers is advising Russia’s Mechel OAO (NYSE:MTL; “Mechel”) on its planned disposal of several ferroalloy assets to Turkey’s Yildirim Group. According to the agreement, which was announced today, Yildirim Group will acquire Mechel’s Voskhod Mining Plant (in Khromtau, Kazakhstan) and Tikhvin Ferroalloy Plant (in Tikhvin, Leningrad Region, Russia) for a total of U.S.$425 million. Yildrim Group was the winning bidder in a tender process to acquire the assets.
Norton Rose Fulbright's tax team helped facilitate a $985 million sale transaction by the Allbritton family (Allbritton) to Sinclair Broadcast Group (Sinclair).
In the deal, Allbritton agreed to sell the stock of its holding company, Perpetual Corporation, as well as its equity interest of ABC-affiliate station Charleston Television, LLC.
Overall, the transaction includes eight television stations in along the US East Coast and Southern regions, most notably Washington DC's WJLA-TV.
Global legal practice Norton Rose Fulbright advised PV Crystalox Solar Silicon GmbH, a subsidiary of PV Crystalox Solar plc, Oxfordshire, on the sale of its production site in Bitterfeld, Germany, to a company founded by the management and investors. Primary object of the transaction was the high-tech plant for the production of polysilicon. Construction costs for the plant amounted to €120m. Silicon Products Research Engineering Production GmbH will continue operating the plant within the scope of the management buy-out.
Slaughter and May advised Derwent London on the sale of its 50% interest in 1-5 Grosvenor Place, London SW1 to Hong Kong & Shanghai Hotels ('Peninsula Hotels') for £132.5 million and on the exit from its joint venture with Grosvenor for the development of the site. Grosvenor and Peninsula Hotels will work together towards the development of the 1.5 acre plot, next to Hyde Park Corner, as a luxury residential and six star hotel scheme.
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London; Global legal practice Norton Rose Fulbright has advised Commerz Real on the £260 million sale of the Lloyd’s of London building to a large Chinese insurer.
The distinctive Richard Rogers-designed office tower in the City of London is the headquarters of Lloyd’s of London, the world’s leading insurance market.
Norton Rose Fulbright’s real estate team advised a fund managed by Commerz Real, part of the Commerzbank Group and a long term client of the practice, on all aspects of the sale.
National law firm Irwin Mitchell's real estate division has advised long standing client Gazeley on the sale of 64 acres of land at G.Park Crick in Northampton to wholesaler Costco. Costco plans to build a 565,000 sq ft distribution centre at the site once it obtains planning, which is expected later this year.
As part of the deal, Gazeley will acquire Costco’s existing 155,000 sq ft distribution centre, which was built by Gazeley at its UK development site, Magna Park Lutterworth.