Linklaters has advised Arcapita, a global alternative investment management firm, on the sale of its European logistics warehousing business, PointPark Properties (P3) to TPG, a leading global investment firm, and Ivanhoe Cambridge, one of the world’s largest real estate companies (and a partner of TPG).

P3 is a specialist investor, developer and asset manger of warehouse properties, providing a first class service to logistics, retail, automotive and electronics manufacturing companies. The real estate assets consist of 48 warehouses (1.46m square metres) and a land bank allowing for the development of more than 590,000 square metres of warehouse space across Europe.

This exceptionally complex transaction involved the reorganisation of four independently owned funds with assets located across 9 jurisdictions. Additional complexity derived from the fact that certain key entities within the Arcapita corporate structure were in Chapter 11 proceedings which required the support of the relevant unsecured creditor pools.

The transaction involved a team of over 100 lawyers across almost all practice groups within Linklaters. It’s an excellent example of Linklaters’ ability field a multijurisdictional team to deliver an outstanding result for Arcapita.

The Linklaters team was led by Matthew Elliott, private equity partner and head of the corporate real estate practice, and Richard Good, corporate partner – both based in London.

Matthew Elliott said:

“This was a complex transaction involving a significant reorganisation of three Sharia compliant fund structures holding assets across 9 jurisdictions with the ultimate holding structure being the subject of Chapter 11 proceedings. This was coupled with the deal being done on an incredibly tight timeframe, taking 6 weeks from start to finish, a fantastic achievement given the scope of the transaction.”