Freshfields Bruckhaus Deringer LLP ('Freshfields') has advised TPG Real Estate, the real estate platform of TPG, the global alternative asset firm, on the acquisition and financing arrangements of Arlington Properties from Goodman Group and L&G Property.
 
Arlington comprises a high-quality portfolio of office properties, predominantly in Greater London and the South East, a number of developments under construction, and one of the largest consented commercial landbanks in the United Kingdom. The portfolio includes 250 acres of consented land and 57 buildings, totalling approximately 1.4m sq. ft., with approximately 80 tenants. These include the headquarters of prominent corporates such as Bristol-Myers Squibb, Amgen, Centrica, Mondelez, Harley Davidson and Emirates Airlines.
 
Previously held in a partnership structure formed in 2003, the business will be restructured and managed as a new standalone property company, owned by TPG Real Estate. As part of the transaction, a team of Goodman employees has transferred to the new company to manage the portfolio. TPG Real Estate intends to invest in the business by making selective acquisitions, capitalising on development opportunities within the land bank and taking advantage of asset management opportunities within the existing portfolio.
 
The Freshfields team was led by real estate partner Alex Watt, supported by senior associate Robert Bindless. The finance team was led by partner Max Lang, with support from senior associates Tom Wallis and Alice Rubira.