Real Estate | White & Case
Real Estate Law

Real Estate

The global real estate industry is evolving in response to the changing needs of property investors and users. New investors are moving into real estate from other investment areas, bringing with them fresh ideas and diverse requirements. Property development in all sectors and asset classes are transforming skylines and landscapes in both mature and developing economies.

In-depth knowledge of the asset class as well as the real estate markets and deal structures

We offer market-leading advice across a range of practice areas where real estate is at the center of the transaction. Relied on by developers, owners, private and institutional investors, corporates, lenders and underwriters around the world to understand industry trends and their impact on business, we assist them to navigate the complexities of the markets in which they currently or plan to operate. Clients trust us to manage the intricacies of their transactions and disputes, synthesizing legal and commercial knowledge to provide them with counsel that translates into successful outcomes.

Specialized real estate industry knowledge

Clients also utilize our global team’s sector knowledge in hospitality and leisure, data centers, retail, private equity and commercial investment across all types of domestic and cross-border transactions, financings, operations and disputes.  Whether it is a corporate acquisition of a property holding company, real estate financing or indirect real estate investments through minority shareholdings or joint ventures, our global real estate team can support them. We have a thorough understanding of the issues faced in the hotel business and offer experienced-based guidance in virtually every aspect of hotel management, hotel acquisitions development and disposals, regardless of which party in the matter is being represented. Clients with objectives requiring the use of data centers can trust our dedicated data center team to understand the legal issues unique to this rapidly growing asset class, including those related to their construction, financing, operation, leasing and use.

 

AWARDS

"They take a business approach to problems and work toward getting the transaction closed. Sometimes you have to take a risk-assessed decision and they are excellent at that."
Chambers USA 2015

"White & Case LLP 'responds within tight deadlines, provides a quality service', and 'delivers value for money."
The Legal 500 – Japan 2014

Winner of Inaugural UK Real Estate Award – Construction
The Legal 500 – United Kingdom 2013

Top Dealmakers of the Year 2012
Office, Restructuring/Distressed and Leasing categories
Daily Business Review, Florida

 

RECENT DEAL OF THE YEAR AWARDS

Deal of the Year – Restructuring
Sale of Barwa real estate assets
IFLR Middle East Awards 2014

Deal of the Year – Purchase-sale
Capital Partners' US$1.2 billion sale of Metropolis
12th Annual Commercial Real Estate Awards by Commercial Real Estate 2014

M&A Deal of the Year
Acquisition of Six Senses Resorts & Spas
Hotel Investment Conference: Asia Pacific 2012

Barwa Real Estate and Qatari Diar

US$2 billion sovereign wealth Middle East property acquisition
We have advised Labregah Real Estate Company, a wholly owned subsidiary of Qatari Diar Real Estate Investment Company, and Barwa Real Estate Company Q.S.C. on the approximately US$2.07 billion acquisition by Labregah of Barwa City, a large-scale residential development project in Doha, Qatar. Barwa City offers 5,968 residential units and other facilities distributed over 128 buildings. This is the largest M&A transaction in Qatar in the last 18 months.

Secured Capital

Navigating the real estate landscape in difficult times
We assisted Secured Capital, a real estate asset management pioneer in Japan, and its joint venture partner in acquiring a portfolio of approximately 200 properties throughout Japan for ~¥165 billion in 2007. Bear Stearns provided ~¥150 billion in loan and bond financing, securitized the debt and issued notes in the European market. We helped Secured Capital navigate and emerge from the post-2008 recession as an industry leader in Japan. In a transaction that took two years to structure, negotiate and consummate, we assisted the client in the discounted purchase of the notes issued by Bear Stearns. We helped to structure the acquisition, maximizing tax efficiencies while minimizing legal risk.

Pegasus Capital Advisors L.P.

Integrated global team advises on private equity acquisition of ultra-luxury Six Senses Resorts & Spas
We assisted Pegasus Capital Advisors with a complex acquisition involving property assets in multiple jurisdictions. Our integrated cross-practice global team advised this US-based private equity fund manager in its acquisition of Six Senses Resorts & Spas, an ultra-luxury business. Through various entities, Pegasus acquired all management contracts and intellectual property rights relating to Six Senses and Evason-branded properties worldwide. Structured as an asset acquisition, the transaction required the novation of third-party contracts globally through our lawyers in New York, London and Singapore, with local counsel in 10 other jurisdictions. Our team also provided complex tax planning and corporate structuring in 12+ jurisdictions, creating an optimum platform for the entire acquisition.

Digital Realty

Adviser to leading global data center company in multiple jurisdictions
We advised Digital Realty Trust, a leading data center owner and NYSE-listed REIT, in the acquisition of 761,000 square feet of data center facilities, located in and around London and known as the Sentrum Portfolio, for approximately US$1.1 billion. The transaction was one of the largest data center and real estate transactions in the global market in 2012. It demonstrated our market-leading experience with respect to data centers, corporate structuring, real estate finance, intellectual property and construction. The deal showcased our in-depth senior resources available on a cross-practice cross-jurisdictional basis to meet demanding timelines and provide advice on numerous complex and sector-specific challenges.

Klépierre

Assisting retail giant with its European platform
We advised Klépierre, the French real estate investment company present in 13 European countries, on the disposal of a portfolio of 127 Carrefour-anchored retail galleries to a consortium led by Carrefour and capitalized by institutional investors for €2.01 billion. The portfolio consists of retail galleries initially acquired from Carrefour, including 57 assets in France (70 percent of the total transaction value), 63 assets in Spain (19 percent) and seven assets in Italy (11 percent). As a result, Klépierre will operate a more cohesive shopping center portfolio of 130 assets in Continental Europe, representing a total value of €13.4 billion.

Real Estate
About

The global real estate industry is evolving in response to the changing needs of property investors and users. New investors are moving into real estate from other investment areas, bringing with them fresh ideas and diverse requirements. Property development in all sectors and asset classes are transforming skylines and landscapes in both mature and developing economies.

In-depth knowledge of the asset class as well as the real estate markets and deal structures

We offer market-leading advice across a range of practice areas where real estate is at the center of the transaction. Relied on by developers, owners, private and institutional investors, corporates, lenders and underwriters around the world to understand industry trends and their impact on business, we assist them to navigate the complexities of the markets in which they currently or plan to operate. Clients trust us to manage the intricacies of their transactions and disputes, synthesizing legal and commercial knowledge to provide them with counsel that translates into successful outcomes.

Specialized real estate industry knowledge

Clients also utilize our global team’s sector knowledge in hospitality and leisure, data centers, retail, private equity and commercial investment across all types of domestic and cross-border transactions, financings, operations and disputes.  Whether it is a corporate acquisition of a property holding company, real estate financing or indirect real estate investments through minority shareholdings or joint ventures, our global real estate team can support them. We have a thorough understanding of the issues faced in the hotel business and offer experienced-based guidance in virtually every aspect of hotel management, hotel acquisitions development and disposals, regardless of which party in the matter is being represented. Clients with objectives requiring the use of data centers can trust our dedicated data center team to understand the legal issues unique to this rapidly growing asset class, including those related to their construction, financing, operation, leasing and use.

 

AWARDS

"They take a business approach to problems and work toward getting the transaction closed. Sometimes you have to take a risk-assessed decision and they are excellent at that."
Chambers USA 2015

"White & Case LLP 'responds within tight deadlines, provides a quality service', and 'delivers value for money."
The Legal 500 – Japan 2014

Winner of Inaugural UK Real Estate Award – Construction
The Legal 500 – United Kingdom 2013

Top Dealmakers of the Year 2012
Office, Restructuring/Distressed and Leasing categories
Daily Business Review, Florida

 

RECENT DEAL OF THE YEAR AWARDS

Deal of the Year – Restructuring
Sale of Barwa real estate assets
IFLR Middle East Awards 2014

Deal of the Year – Purchase-sale
Capital Partners' US$1.2 billion sale of Metropolis
12th Annual Commercial Real Estate Awards by Commercial Real Estate 2014

M&A Deal of the Year
Acquisition of Six Senses Resorts & Spas
Hotel Investment Conference: Asia Pacific 2012

Experience

Barwa Real Estate and Qatari Diar

US$2 billion sovereign wealth Middle East property acquisition
We have advised Labregah Real Estate Company, a wholly owned subsidiary of Qatari Diar Real Estate Investment Company, and Barwa Real Estate Company Q.S.C. on the approximately US$2.07 billion acquisition by Labregah of Barwa City, a large-scale residential development project in Doha, Qatar. Barwa City offers 5,968 residential units and other facilities distributed over 128 buildings. This is the largest M&A transaction in Qatar in the last 18 months.

Secured Capital

Navigating the real estate landscape in difficult times
We assisted Secured Capital, a real estate asset management pioneer in Japan, and its joint venture partner in acquiring a portfolio of approximately 200 properties throughout Japan for ~¥165 billion in 2007. Bear Stearns provided ~¥150 billion in loan and bond financing, securitized the debt and issued notes in the European market. We helped Secured Capital navigate and emerge from the post-2008 recession as an industry leader in Japan. In a transaction that took two years to structure, negotiate and consummate, we assisted the client in the discounted purchase of the notes issued by Bear Stearns. We helped to structure the acquisition, maximizing tax efficiencies while minimizing legal risk.

Pegasus Capital Advisors L.P.

Integrated global team advises on private equity acquisition of ultra-luxury Six Senses Resorts & Spas
We assisted Pegasus Capital Advisors with a complex acquisition involving property assets in multiple jurisdictions. Our integrated cross-practice global team advised this US-based private equity fund manager in its acquisition of Six Senses Resorts & Spas, an ultra-luxury business. Through various entities, Pegasus acquired all management contracts and intellectual property rights relating to Six Senses and Evason-branded properties worldwide. Structured as an asset acquisition, the transaction required the novation of third-party contracts globally through our lawyers in New York, London and Singapore, with local counsel in 10 other jurisdictions. Our team also provided complex tax planning and corporate structuring in 12+ jurisdictions, creating an optimum platform for the entire acquisition.

Digital Realty

Adviser to leading global data center company in multiple jurisdictions
We advised Digital Realty Trust, a leading data center owner and NYSE-listed REIT, in the acquisition of 761,000 square feet of data center facilities, located in and around London and known as the Sentrum Portfolio, for approximately US$1.1 billion. The transaction was one of the largest data center and real estate transactions in the global market in 2012. It demonstrated our market-leading experience with respect to data centers, corporate structuring, real estate finance, intellectual property and construction. The deal showcased our in-depth senior resources available on a cross-practice cross-jurisdictional basis to meet demanding timelines and provide advice on numerous complex and sector-specific challenges.

Klépierre

Assisting retail giant with its European platform
We advised Klépierre, the French real estate investment company present in 13 European countries, on the disposal of a portfolio of 127 Carrefour-anchored retail galleries to a consortium led by Carrefour and capitalized by institutional investors for €2.01 billion. The portfolio consists of retail galleries initially acquired from Carrefour, including 57 assets in France (70 percent of the total transaction value), 63 assets in Spain (19 percent) and seven assets in Italy (11 percent). As a result, Klépierre will operate a more cohesive shopping center portfolio of 130 assets in Continental Europe, representing a total value of €13.4 billion.