Wragge Lawrence Graham & Co's (WLG) Investment Funds team is advising longstanding client Japan Residential Investment Company Limited (JRIC) on a £152.6 million recommended cash offer.

The offer, announced on 13 November 2015, has been made for JRIC by an investment vehicle indirectly wholly owned by Blackstone Funds. It is being implemented by way of a court sanctioned scheme of arrangement under Guernsey Law.

AIM-quoted JRIC is a closed ended investment company incorporated in Guernsey. It holds a large, diversified portfolio of residential properties in Tokyo and other major cities of Japan.

Partner Nick Heather is leading the team advising JRIC, assisted by fellow partner Kris Rogers and corporate associate Rachael Orchard.

Nick said: "We have acted for JRIC from inception and we are pleased to be of assistance in respect of an offer that represents a significant premium to JRIC's current share price and NAV".

WLG acted for JRIC on its IPO in 2006 and also advised it on subsequent secondary issues.

JRIC is also being assisted by Mourant Ozannes in Guernsey. The Blackstone bid vehicle is being advised by Simpson Thacher & Bartlett in the UK and by Carey Olsen in Guernsey.

WLG's Investment Funds team is a leading practice with a particularly strong reputation for closed ended listed funds, advising issuers, investment management houses and the investment banks and brokers that advise them.

In 2015 the Investment Funds team at WLG has acted on over half of the IPOs and significant secondary issues for listed investment companies, including acting for Winterflood on the largest deal of the year, the £800 million IPO of Woodford Patient Capital. The firm sits at the top of the AIM Adviser Rankings leaderboard and is also in lead position in terms of AIM 100 clients by market capitalisation.

From mid-January 2016, WLG will be known as Gowling WLG. The combination, confirmed in July, will create a top 100 global law firm with over 1,400 legal professionals in 18 cities worldwide.