The Dechert Finance Real Estate team in London advised on the finance aspects of the £1.1 billion (US$1.65 billion) acquisition of the Liberty Living Group by the Canadian Pension Plan Investment Board ("CPPIB") which completed yesterday. The acquisition is the first investment in an alternative real estate sector for CPPIB and it is also the largest real estate deal CPPIB has ever done in Europe.
Pinsent Masons has advised HSBC and RBS on the financing of Canada Pension Plan Investment Board's (CPPIB) £1.1 billion acquisition of student accommodation company Liberty Living.
The deal, which will see CPPIB acquire over 40 Liberty Living residences across 17 UK university towns and cities, represents the largest European real estate transaction undertaken by CPPIB to date.
The Pinsent Masons team was led by finance partner William Oliver and Frances Mallender with support from across the firm's banking, real estate and tax teams.
Clifford Chance has advised British investor Rockspring Property Investment Managers ("Rockspring") on the refinancing of a EUR 140.8 million loan of Landesbank Hessen-Thüringen. The loan was granted to refinance a real estate portfolio in Germany.
Rockspring currently invests in 15 countries and has EUR 7.9 billion under management, thereof around 22.8 % in Germany (as of 31 December 2014).
Clifford Chance has advised Rockspring in all aspects of the financing, and is frequently mandated by Rockspring in this regard.
The headquarters of Gothaer Versicherungen was sold to a consortium of Aurec Capital and an Israeli insurance company by means of a sale and leaseback transaction. GSK Stockmann + Kollegen has advised Helaba Landesbank Hessen-Thüringen on the co-financing of the property located at the districts of Cologne Bayenthal and Zollstock.
Berwin Leighton Paisner LLP (BLP), has advised Aviva Commercial Finance Limited (Aviva) in relation to the £352m debt facility provided to Kennedy Wilson Europe Real Estate (KWE) to finance the acquisition of 180 UK property assets from multiple receivers.
The purchase of the 3.5m sq ft portfolio was funded by Aviva at 70% loan-to-value, together with equity from KWE.
Slaughter and May advised the Department for Communities and Local Government on the award of the licence to deliver the Private Rented Sector Housing Guarantee Scheme to PRS Operations Limited (a subsidiary of Venn Partners LLP). Under the Private Rented Sector Housing Guarantee Scheme, the government will initially guarantee up to £3.5 billion of loans to landlords looking to invest at least £10 million for new homes available for private rent - with the option to increase this to £6.5 billion in the future. The award of the licence was announced in December 2014.
DLA Piper represented the Related Companies, a preeminent developer of luxury condominium and rental homes, affordable housing communities and mixed-use properties in Chicago, in the US$328.23 million sale of OneEleven, a 504-unit luxury apartment tower located at 111 W. Wacker Drive, to Heitman, a global real-estate investment-management firm based in Chicago. At $651,000 per unit, it is the highest amount ever paid for an apartment building in Chicago.
Macfarlanes has advised Ares Management Limited (Ares) on term loan facilities and The Royal Bank of Scotland plc (RBS) on a super senior revolving credit facility for the acquisition by Phoenix Equity Partners of the Bridge Leisure group of companies and the related acquisition by Bridge Leisure of the Scottish based Silver Sands holiday park.
Macfarlanes provided an integrated team, advising Ares and RBS on specialist banking, corporate, tax and commercial real estate issues.
Clifford Chance has advised IVG Immobilien AG on the refinancing by Bank of America Merrill Lynch International Limited of the office building complex "THE SQUAIRE" which is located at Frankfurt airport. The loan has a total volume of approximately EUR 470 million and a tenor of five years.
The Bundaberg residential property portfolio managed by BGP Investment (BGP) was refinanced through a €160m loan with a term of seven years extended by BerlinHyp. BGP Asset Management represented by Katharina Geissler, Till Schmiedeknecht and Thomas Drastik have managed the transaction for BGP. The Bundaberg portfolio consists of 4,000 units in Berlin, Schleswig Holstein and North Rhine-Westphalia.