De Brauw has advised Redevco on its joint-venture agreement with PGGM.

Client name
Redevco Investment Management

Other parties involved
PGGM Private Real Estate Fund

Nature of transaction
On 3 April 2018, Redevco concluded a joint-venture agreement with PGGM Vermogensbeheer B.V. (acting on behalf of the PGGM Private Real Estate Fund). As part of the newly concluded joint-venture, which will carry the name Urban Retail Ventures, the parties aim to invest in attractive retail assets in established retail and / or tourist destinations. Redevco and PGGM have committed a combined amount of EUR 300 million to the joint-venture. In the run-up to the signing of the LPA and accompanying documentation, a challenging and time-sensitive structuring process took place with an aim of finding the most beneficial vehicle structure from both a regulatory, corporate and tax perspective. Ultimately, this led to a structuring in which the joint-venture vehicle has the form of a Dutch CV while the Redevco management company is located in the UK. Redevco is a pan-European retail real estate investment management company with key offices located in the UK and the Netherlands. As part of its expansion strategy, Redevco is looking to increase its presence as a real-estate and asset manager in the European market. PGGM Vermogensbeheer B.V. is a large institutional manager and has invested in the joint-venture through its collective vehicle PREF (mainly including pension-fund investors).

Value of transaction
Undisclosed but more than EUR 5 million.

Date of deal
03 April 2018

De Brauw involvement
Lead counsel

Other advisors
Loyens & Loeff (joint tax adviser), JonesDay, BLP

De Brauw lead partner
Kees Groffen

De Brauw team
Kees Groffen, Mariska Enzerink, Wiebe Dijkstra and Bas de Mik