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.
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.
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.
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AWARDS & RECOGNITION
"They are great: they are very responsive, and have great attention and a lot of experience. We have confidence they know how to get a deal done."
Chambers USA 2016
"Highly regarded team…strong flexibility when catering to client needs in a tight timeframe, and possesses a good understanding of the industry, both in Japan and overseas."
The Legal 500 – Japan 2016
"The team is very good in big international assignments… the firm's broad, multi-office set-up is always co-ordinated very well."
Chambers Europe 2016
RECENT DEALS OF THE YEAR
"Middle East Real Estate M&A Legal Adviser of the Year"
Deal of the Year – Purchase-sale (fifth consecutive year)
Capital Partners' sale of two office buildings in the Metropolis Complex
14th Annual Commercial Real Estate Awards by Commercial Real Estate 2016
Blackstone Real Estate partners Europe IV
As co-counsel in continental Europe, we advised Blackstone Real Estate Partners Europe IV, part of Blackstone Group LP, the world's biggest manager of alternative assets, on an agreement with 10 funds managed by Obligo Investment Management AS to acquire Nordic real estate portfolios valued at about 22 billion kroner ($2.7 billion). This is the largest property deal in the region since 2008.
Representation of Qatar Investment Authority and Kingdom Holding Company of Saudi Arabia on the US$2.9 billion stock-and-cash sale of FRHI Holdings Ltd., the parent company of luxury hotel brands Fairmont, Raffles and Swissôtel, to AccorHotels, a French public company. We also represented QIA in its US$622 million investment in Empire State Realty Trust, Inc. (NYSE:ESRT), a real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area (including the Empire State Building).
Harrods Management and Qatar Investment Authority
Advising on US$1.3 billion Harrods real estate financing
We advised Harrods on their US$1.3 billion real estate financing of the Harrods department store and other related properties. We are advising this iconic global retailer on a regular basis, having established ourselves as their new real estate go-to firm.
Labregah Real Estate Company
We represented Labregah Real Estate Company, a wholly owned subsidiary of Qatari Diar Real Estate Investment Company and Barwa Real Estate Company Q.S.C. on several matters, including: the approximately US$2.07 billion acquisition of Barwa City, a large-scale residential development project in Doha, Qatar; the US$2.5 billion acquisition of a 95 percent stake in Barwa Commercial Avenue Company; the US$673 million acquisition of a 37.33 percent stake in Barwa Bank, a Shari'ah-compliant Qatari bank and the sale of Barwa City Real Estate Company LLC to the General Retirement and Social Insurance Authority (GRSIA), the national pension fund of the State of Qatar. This is the largest-ever M&A deal in Qatar, and was recognized as "Domestic Deal of the Year 2014" at the IFLR Middle East Awards.
We represented Qingdao Haier, a company that is 41 percent owned by Haier Group, in its US$5.4 billion acquisition of GE's appliances business, GE Appliances. The acquisition is one of the most high-profile, highly publicized, transformative M&A transactions in 2016 and also marks one of the largest US/China acquisition in 2016. In connection with the acquisition, we advised the buyer on all matters related to GE Appliances' owned and leased real estate in the US and coordinated with local counsel with respect to the real estate located outside of the US. The real estate consisted of manufacturing facilities, warehouses, office space and facilities subject to Industrial Revenue Bond financing.
Adviser to leading global data center company in multiple jurisdictions
Representation of Digital Realty on the US$874 million acquisition from Equinix of a portfolio of 8 data centres located in London, Amsterdam, Paris and Frankfurt. It was a competitive auction process with numerous bidders and was triggered as a condition of the European Commission's approval of the acquisition of Telecity by Equinix.
Assisting retail giant with its European platform
We advised Klépierre, the French real estate investment company present in 13 European countries, on various transaction across Europe, notably recently on the €528 million acquisition of Oslo City from DNB group, the €375 million acquisition of Plenilunio shopping center in Madrid, the €770 million sale of nine shopping centers in the Netherlands and the disposal of a portfolio of 127 Carrefour-anchored retail galleries (in France, Spain and Italy) to a consortium led by Carrefour and capitalized by institutional investors for €2.01 billion.
CBRE Global Investors
We advised CBRE Global Investors one of the world's largest real estate investment management firms with $87.1 billion in assets under management, on the sale of an asset portfolio of 10 shopping centres in France and in Belgium, previously owned by CBRE Retail Property Fund France Belgium (RPFFB) to a consortium comprising China Investment Corporation and AEW Europe. The deal value is €1.3 billion.
Oaktree Capital Management
Advising on the JV with deutsche bank – project Goya
We advised Oaktree Capital Management, the US-based private equity firm, in relation to its joint venture and financing of a portfolio of Spanish non-performing loans valued at €900 million from Ibercaja Banco, S.A.U.titled Project Goya. This deal marks Oaktree's first 50:50 joint venture in relation to the acquisition of non-performing loan portfolios. It is the latest in a sequence of transactions in which White & Case has advised real estate private investment funds.
PAG Real Estate
US$1.7 billion disposition of prime property in Tokyo to sovereign wealth fund
We represented PAG Real Estate, one of Asia's longest standing and leading real estate investment and asset management platforms, in connection with the sale of Pacific Century Place to GIC, Singapore's sovereign wealth fund, for approximately US$1.7 billion. Pacific Century Place Marunouchi, located in the prime business district in Tokyo, is a landmark 32-storey mixed-use development and comprises the Four Seasons Hotel Tokyo.
ICBC, Bank of China, HSBC and other Financial Institutions
€1.29 billion for the acquisition of Louvre Hotels Group
We represented ICBC, Bank of China, HSBC, Standard Chartered Bank, BNP Paribas, Société Générale, Crédit Agricole and other financial institutions in connection with the €1.29 billion financing provided to a subsidiary of Shanghai-based Jin Jiang International Holdings in connection with its acquisition of Groupe du Louvre from Starwood Capital. Groupe du Louvre (Louvre Hotels Group), which operates the Campanile, Kyriad and Premiere Classe brands, is one of the largest hotel chains in Europe.
Redwood Group Asia
Creation of one of the largest pan-Asia logistics platforms
Redwood Group Asia on its merger with e-Shang Cayman Ltd (a logistics developer sponsored by Warburg Pincus and APG) to create 'e-Shang Redwood', one of the largest logistics real estate platforms in Asia (Singapore, China, Japan and South Korea).