On September 19, 2018, at the Gastech Conference in Barcelona, representatives from Steelhead LNG, Huu-ay-aht First Nations, and Hyundai Heavy Industries’ Shipbuilding Division formalized the contract for the front-end engineering and design (FEED) of two At-Shore LNG™ hulls as part of phase one of the Kwispaa LNG Project. Each hull is expected to measure 340 metres in length and 60 metres wide and feature five individual tanks that provide approximately 280,000 metres3 of internal LNG storage.

Macfarlanes has advised long-standing client Legal & General on a £285m bulk annuity transaction with a Fortune 500 multinational firm covering their UK-based Retirement Benefits Scheme

The transaction, which included residual risks cover for the trustees, proceeded in two parts, with around £250m of the scheme liabilities insured initially, allowing the liabilities relating to around 100 deferred members to be insured on locked-in commercial terms in a follow-on transaction once an ongoing Enhanced Transfer Value (ETV) exercise had been completed.

Leading international law firm Clifford Chance has advised Legal & General Assurance Society Limited (“Legal & General”) in a ground-breaking £4.4bn pensioner bulk annuity buy-in with British Airways’ Airways Pension Scheme (“APS”) which will cover circa 60% of all pensioner liabilities. This is the largest pensioner buy-in completed in the UK market to date and is a significant step in reducing risk in the Scheme.

The Firm is representing funds advised by The Blackstone Group L.P. in connection with its agreement to acquire a majority stake in Testa Residencial, S.A., SOCIMI for approximately €947.9 million (US$1.1 billion) from Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria, S.A. (and other entities of its group) and Merlin Properties SOCIMI, S.A. Shareholders representing more than 99% of Testa’s share capital received and accepted a binding offer for the acquisition of shares to Tropic Real Estate Holding, S.L., a company managed by real estate funds of Blackstone.

Ashurst has advised the NSW Government on the unsolicited proposal by Macquarie Group ('Macquarie') to design and deliver a new station development in Martin Place, Sydney’s first integrated metro station development, with office space and a vibrant retail and recreation precinct.

Leading international law firm Simmons & Simmons has assisted Blackstone in obtaining one of the first authorisations to do direct lending in Italy, granted by the Bank of Italy to a foreign alternative investment fund.

Blackstone is one of the world’s leading investment firms which encompasses private equity and real estate funds, hedge fund solutions, and credit funds.

International law firm Simmons & Simmons has advised Mitsubishi UFJ Trust and Banking Corporation (the Trust Bank) on a commercial agreement (Alpha Model Services and Licence Agreement) with Aberdeen Standard Investments. The agreement relates to the development and provision of an investment model employing artificial intelligence (AI), embedding machine learning techniques in the investment process.