Unlocking your potential Our global real estate team
Eversheds Sutherland at MIPIM 2017 Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Foreword
We are delighted to be In good company Some of our key clients include: attending MIPIM again this year. I will be joined Land Securities Blackstone Microsoft Swedish State by over 30 partners from SEGRO HSBC Pension Fund 12 of our global offices. Legal & General Citi Group Facebook Introducing Eversheds Sutherland Canada Life LBQ Hilton February 2017 saw the strategic combination of Eversheds & Hammerson State of Qatar Berlin Hyp Sutherland Asbill & Brennan LLP to create Eversheds Sutherland. This landmark move greatly increases the firm’s Harworth Catalyst Capital Cisco footprint and enables us to offer our clients a truly global St Martins BNP Paribas Expedia platform including strong U.S. coverage. MIPIM 2017 is one of the first global conferences that we will attend as Lend Lease Credit Suisse LinkedIn Eversheds Sutherland - read more about us on page 8. Aberdeen Asset Bayerische TH Real Estate Management Landesbank What we do and how we do it We provide real estate services covering the complete Taylor Wimpey Lloyds Barclays project life-cycle from finance, structuring and purchase, through development and asset management to sale and You will find contact details for our MIPIM 2017 team on realisation of returns. pages 5-7. Alternatively, we can be reached on Twitter @ESRealEstateLaw and on LinkedIn @ Eversheds Sutherland We operate in many regulatory environments across the Real Estate. globe with clients from a variety of cultural backgrounds with different levels of market and transactional experience. Please do get in touch, we would be delighted to hear from you. I hope you have a fruitful MIPIM. You’ll find full details of our services and capabilities on pages 13-50. Gurjit Atwal Head of Real Estate Sector Eversheds Sutherland
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Our credentials
2,400 LAWYERS
We have the largest full Our team consists of 2,400 We have deep experience Advising four of service real estate team lawyers including c.700 in many industry sectors, the world’s leading of any global law firm partners across the globe including energy and sovereign wealth funds consistently ranked in infrastructure, financial directories worldwide services and technology
We are on the panel We act for over 62 of the We advised our clients on We operate from 61 offices of more than 25 major FTSE 100, 58 of the landmark deals including across 29 jurisdictions international banks Fortune 100 and 92 of the The Shard (London), Grand in Africa, Asia, Europe, several hundred global Fortune 200 Central (Birmingham), Media the Middle East and the corporations City (Manchester) United States with an additional network of over 200 relationship law firms across the globe
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Contents
Our team at MIPIM 2017 5 Debt finance 32 Introducing Eversheds Sutherland 8 Tax and Transaction Structuring 36 “Brexitrump” and the real estate Construction and litigation 40 markets 10 Corporate and Funds 42 Sales and purchases 14 Other services 46 Leasing 18 Our US experience 48 Development 22 Get in touch 52 Global Estate Management 26 Asset management 28
“They are an innovative law firm who were prepared to work with Microsoft in a different way, providing alternative global fee menus. Eversheds Sutherland stood out by providing a customized, innovative and client facing solution.” Tim Osborn Assistant General Counsel, Microsoft
4 Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Our team at MIPIM 2017
Gurjit Atwal Tom Goldsmith Head of Real Estate Sector Partner Tel: +44 778 897 8481 Tel: +44 746 957 7549 [email protected] [email protected]
Bruce Dear Lee Jackson Head of London Real Estate Partner Tel: +44 771 745 7548 Tel: +44 782 534 1246 [email protected] [email protected]
Lynde Marshall Simon Mead Partner Partner Tel: +44 777 081 6952 Tel: +44 776 770 1602 [email protected] [email protected]
Angus Ford Robert Ludwig Partner Partner Tel: +44 782 578 2912 Tel: +44 734 179 3543 [email protected] [email protected]
Michael Buchanan Joanne Canning Partner Partner Tel: +44 797 317 0049 Tel: +44 774 847 5858 michaelbuchanan@ joannecanning@ eversheds-sutherland.com eversheds-sutherland.com
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Johan Joos Dr Gerhard Molt Partner Partner Tel: +32 473 139 345 Tel: +49 89 5456 5137 [email protected] [email protected]
Saara Raitala Thomas Ziegler Partner Partner Tel: +35 840 567 1955 Tel: +49 89 54 56 5316 [email protected] [email protected]
Pekka Kokko Philipp Turnwald Partner Counsel Tel: +49 89 5456 5249 Tel: +35 850 070 8240 philippturnwald@ [email protected] eversheds-sutherland.com
Markus Rämö Cian Macginley Partner Partner Tel: +35 850 531 9775 Tel: +35 31 664 4346 [email protected] [email protected]
Christophe Sciot-Siegrist Joseph Stanley Partner Partner Tel: +33 060 983 1082 Tel: +35 31 664 4293 christophesciotsiegrist [email protected] @eversheds-sutherland.com
Alvise Dona dalle Rose Partner Tel: +39 3355 400 631 [email protected]
6 Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Paul Goedvolk Tord Svensson Managing Partner Partner Tel: +31 641 616 738 Tel: +46 07 09 79 87 76 [email protected] [email protected]
Matthijs Bolkenstein Ludvig Blomqvist Partner Partner Tel: +31 646 630 866 Tel: +46 07 09 79 87 76 [email protected] [email protected]
Patryk Galicki Victor Haley Head of Real Estate Of Counsel Partner Tel: +48 516 31 20 36 Tel: +14 04 79 78 494 [email protected] [email protected]
Javier Ibáñez D. Clayton Howell Partner Partner Tel: +34 619 244 686 Tel: +14 04 85 38 120 [email protected] [email protected]
Rafael Arráez Partner Tel: +34 620 561 333 [email protected]
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Introducing Eversheds Sutherland
Eversheds Sutherland represents the We consider every opportunity and issue with the same energy and creative, proactive approach. This can involve developing combination of two firms with a shared efficient structures for business transactions, devising novel culture and commitment to client case strategies in litigation and being at the forefront of new legal developments. We also offer a unique project service excellence. We are each known management approach that enables us to deliver complex, for our commercial awareness and multi-jurisdictional legal services through a single point of industry knowledge and for providing contact, providing efficiency and certainty for our clients. innovative and tailored solutions for Above all, we listen to our clients. Our solutions-oriented, service-led approach attracts clients faced with issues and every client. opportunities that demand in-depth understanding of business, specific industry knowledge and the ability to Increasing globalization has changed the nature of business. manage substantial matters across borders. It has also changed the type of advice our clients need. Eversheds Sutherland was formed with this in mind. As our Through our own offices and network of relationship firms we clients expand globally, we are with them. can provide a managed global legal service. We have a unique track record acting for clients such as Hilton, Tyco and IATA in Our lawyers around the globe are united by our vision, values delivering consistent high-quality global legal services, and understanding of our clients’ businesses and their needs. reducing legal department administration and data analysis They provide legal advice of the highest quality whether they and enhancing risk and cost control. are operating within country or across borders from our 61 offices in Africa, Asia, Europe, the Middle East and the United States. Specific information on our US capability can be found on pages 48-50.
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Our global network of offices allows us to advise our clients across every jurisdiction.
UK offices Europe offices US offices
Asia offices Africa offices Middle East offices
Client commitment. Innovative solutions. Global service.
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“Brexitrump” and the real estate markets
Politicians want you to watch them; 1. An ageing population - the grey tide is rising ratings bring votes. Brash brands beat By 2050, 50% of the UK’s population will be over 65 and the polite ones. Trump has pumped this retired will outnumber the working 3 to 1. The simplest way idea into politics. It’s his signature style, to pay for this is a combination of higher taxes, targeted (not “I added show business to the real universal) state provision and people paying for themselves. estate business.” Property people But raising taxes and cutting universal benefits is electorally should understand Trump. We all know toxic. No one goes near a politician who suggests them. deal-doing, 3am-calling, charging- buffalo CEOs. That’s Trump: “Mentally, I This creates an opportunity for the private sector, particularly have to get a deal. It’s how I get my those with long-term capital. The population’s richest kicks.” segment is now pensioners, so housing and caring for them can create long income. Expect institutions and funds to The first rule of Trump Club is: do deals. This will sometimes explode into the senior living market and dominate it for have good results, and sometimes bad - because no-one decades. can call a deal before it closes. The bargains Trump will strike with China or Russia remain unclear - but he will try to do 2. The residential shortfall deals with them. A deal driven world is an uncertain one. Our The housing shortage is the UK’s seemingly unshakeable hex. own Brexit, after all, is still only a range of possible deals. We need to build 400,000 homes a year and we manage a measly 100,000. This is a standing national embarrassment. Maybe we should stop obsessing about politicians. Predicting The new government has shown welcome interest in markets from politics is like guessing what’s in your cake by encouraging all types of tenure (not just pumping build to staring at the icing. Long-term tectonic trends, grinding the sell), including rental solutions and BTR. There are early signs economy like glaciers, are more important than short-term of a rental residential renaissance. Legal & General and other politicians. We should rise above the political noise and track institutions have moved into BTR. Berkeley and Barratt, the economy’s enduring trends. among others, are block selling BTR lots to institutional and overseas investors. Hunger for pension-matching income can marry into solving the UK’s chronic residential deficit. The government should encourage this virtuous union by cutting the 3% stamp duty land tax on institutional BTR.
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3. The infrastructure deficit 4. Currency is King The OECD says the UK should spend 3.5% of GDP on Since the Brexit vote, sterling is the Forex playground infrastructure. Recent governments have been spending weakling: down 19% against the US Dollar, 11% against the about 1.5% - a £45 billion annual gap. The new cabinet has Euro and 15% against the HK Dollar. This is unlikely to change recognised this and extended infrastructure spending and whilst we are in the Brexit exit lounge. This currency special strategic focus. For example, it will help residential and offer, coupled with quietly correcting capital values, offers infrastructure mixed-use developments in regional cities (see non-sterling investors 20%-plus discounts. Overseas below). investors will be the major players in UK real estate for years to come. But the government has a problem. The national debt is growing by over £5000 a second. One answer would be 5. Ring in the Regions Trumpian borrowing (capital cost is historically low and it’s The UK’s regional cities should be more Brexit resilient than what the U.S. is proposing). However, this administration, London. The government wants to rebalance the UK even post Osborne-austerity, has little appetite for more economy to heal regional inequality. So, it will try to keep the debt. Midland’s Engine running and the Northern Powerhouse charged up, partly by locating millions of sq ft of new Step forward the private sector. Institutions have long-term government hub offices in Manchester, Birmingham and pension liabilities and long-term capital. Infrastructure needs Bristol. All are cities less dependent than London on cross- just such patient long-haul capital. It’s a marriage made in border financial services. “Northshoring”, general cost cutting actuarial heaven. So the government should match-make it relocation from London and regional infrastructure-linked by deregulating and incentivising the sector and joint development via HS2 (and hopefully HS3) will all gather pace. venturing with institutional players of standing. The Good times for Manchester and Birmingham. Last year’s government has a big institutional gun to kill the comparative rents show it: London office rents down 7.1%, infrastructure deficit. It should fire it. Birmingham office rents up 6.7%.
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6. Income is Emperor 7. The Trump trend Income is the golden thread that leads you through the As a property man, Donald Trump believes in the power of labyrinth of turbulent times. Pension fund demand, a low debt and the transformative power of real estate and return environment and volatility will all drive a global yen for infrastructure. Trump is not just “tweetonomics”. He has an investments yielding secure long income. Long-let offices, idea of what he wants: tax cuts for corporations and the index-linked and stepped-rent warehouses, government (or middle classes; incentives for U.S. companies to repatriate quasi-government) backed income streams and capital; fiscal stimulus for infrastructure and financial services institutional-grade alternative assets, will all be the grails of deregulation. this global investment quest. Logistics should be a big beneficiary, particularly in the Midlands and on the M25 rim, True, some of this will get lost in the legislative toboggan ride. where supply is at record lows and demand is currently But some of it will get through, and U.S. economic data on unaffected by Brexit. As demand will far exceed supply, employment, growth and earnings is already strong and expect all these asset classes to create capital growth. bolstered by low interest rates. The U.S. offers interesting real estate and infrastructure opportunities. UK institutions and investors are responding by ramping up their transatlantic activity.
Brexit and Trump’s victory have both created vehement controversy. This article is about markets, not politics and - purely in market terms - neither looks as dangerous (yet) as the GFC or the 1973 Oil Shock and Secondary Banking Crisis.
We could spend the next four years trying to second guess Trump and Co. But that’s a fool’s job. As Trump said in the early 90s,”Over the years I’ve surprised a lot of people. The largest surprise is yet to come...” Even he couldn’t have known how true that was.
So, don’t try and predict Trump or bet on the brand of Brexit we’ll get. Insulate yourself against them with trend-based business.
Bruce Dear Head of London Real Estate Eversheds Sutherland
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Our experience
The following sections provide an overview of our experience and knowledge across the complete project life cycle including:
–– Sales and purchases –– Leasing –– Development –– Global Estate Management –– Asset management –– Debt finance –– Tax and transaction structuring –– Construction and litigation –– Corporate and funds –– Other services –– Our US experience
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Sales and purchases
Over the past three years we have Deal management We focus intensely on transaction management. This begins helped our clients purchase over with assembling the right team for you and embedding €20 billion of real estate assets. efficient communication and an effective project management plan. We will also use the full range of IT tools, such as online extranets, to help manage information Sales and purchases demand a wide variety of fully efficiently for you. During each deal, we will set up regular integrated skills. We will always field and co-ordinate teams feedback sessions, update meetings and calls for you. This that deliver succinct and joined-up advice for you. ensures you will have full visibility on progress and the opportunity to input on all issues that matter to you. Due diligence drives asset acquisitions. We will work with you to identify your key objectives and tailor our due Direct and indirect deals diligence and advice to deliver them. We will produce We will adapt our approach and team, depending on whether precisely targeted reports which you will be able to use for you intend to make a direct or indirect real estate acquisition. negotiation, price reduction and future planning. We have extensive experience in establishing and dealing with joint venture vehicles, both in the regulated and Contract negotiations anchor all transactions. We will unregulated space. concentrate on what you want commercially and get you the contract terms that deliver it.
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14 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
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15 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Sales and purchases experience
Client Experience
Investors and property Acquisition of a hotel building in Brussels South railway station, to include all negotiation work, developers due diligence, and contract drafting. Ilmarinen Sale of a portfolio of 1,200 apartments and 28 residential properties in 15 prime locations around Finland. Bankruptcy estate of Sale of numerous properties in Sotkamo, Finland, comprising Europe’s largest nickel mine with Talvivaara Sotkamo the total area of over 5,500 ha. Middle East fund €103m acquisition of the building “La Factory” located in Boulogne-Billancourt, France. International Investor Acquisition and finance of a portfolio of 23 shopping centres in Germany for €680m. Union Investment Acquisition of 4/5 Grand Canal Square. This was the client’s first real estate acquisition in Ireland, one of the largest single asset deals of the year. Cairn Homes The acquisition of Project Clear, a portfolio of development land and other real estate assets worth in excess of €500m including land representing approximately 20% of all space zoned for residential use in Dublin, Ireland. Hibernia REIT Acquisition and asset management of several landmark multi-let office investments in Dublin with a combined total value of circa €340m. Centerscape The acquisition of multiple retail properties located around Poland. Advice included due dili- gence, structuring the transaction, finance and contract negotiation. Rockspring Sale of a portfolio of 4 retail warehouses and a shopping centre in Spain.
Kier £100m acquisition of the development site and, via an offshore corporate wrapper, 40,000 sq ft office space in Manchester. Global Gate Capital Acquisition of a portfolio of 4 logistic properties in Hamburg, Offenbach and Munich. Birmingham City £335m sale of the 435,000 sq ft Grand Central shopping centre in Birmingham, UK to Council and Network Hammerson. We have been retained by Hammerson on the leasing of the development. Rail JV
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Client Experience
Land Securities Acquisitions and sales of retail and leisure assets for £700m+, including the X-Leisure Fund, the Printworks Manchester and the Cornerhouse Nottingham in the UK. Lloyds Development £307m acquisition of NEC group – including the National Exhibition Centre, International Capital Convention Centre and National Indoor Arena (now the Barclaycard Arena) in the UK. LBQ £1.2bn acquisition and development financing of the Shard of Glass and the Place at London Bridge in the UK. LetterOne Establishment of a new student housing platform seeded with an initial portfolio of ten student properties across England and Scotland for £680m. HVB Immobilie Turn-around and sale of the client’s Swedish €40m asset Front Lindholmen. Private English investor Sale of a hotel complex in Courchevel, France. Metsnik and Tornator A major forest sale transaction, one of the largest in Estonia. Homburg (Geneba) One of the largest real estate transactions in the Baltics, including in total c. 50 properties in all three Baltic states. Hilton Acquisition of Penta Holdings, relating to 24 hotels in Germany, Austria, UK, Belgium, and the Czech Republic. Confidential investor Sale and transfer of the Amsterdam flagship stores of Hudson Bay for €200m. Property company Restructuring and the indirect sale and transfer of a premium retail portfolio in the Netherlands to Patrizia. Investment company Acquisition of Windpark Kreekraksluis, an onshore wind project in the Netherlands. Citygrove Purchase of land in Barcelona from Catalunya Bank for the construction of a retail park. Banco Sabadell, Banco Release of the securities in connection with the €90m purchase of an office building located in Popular, ING Bank and Madrid by WPP from NZ Patrimonio. Westimmo Bank Catella Real Estate AG Acquisition of 1 George’s Dock, Dublin, Ireland, leased to JP Morgan, for €40m. Pimco Sale of a portfolio of real estate assets to an ESB Pension Fund for circa €140m. Keva Transactions and real estate matters including the acquisition of Ramboll Finland’s new HQ.
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Leasing
We have over €40 billion worth of Meetings Just turning numerous drafts with tenants is unproductive assets under management. and time consuming. We prefer to meet them and their advisors and agree key points, rather than batting travelling Leases drive the market drafts backwards and forwards between lawyers. This We understand that delivering letting transactions quickly, approach greatly accelerates your transactions. We will also without compromising quality, is critical to you. We will be work closely with you (and constantly seek feedback) to by your side all the way from heads of terms to completion. streamline your work.
We will always offer you our input at the start of Anchor tenant clients transactions. We will help you ensure that heads of terms are legally feasible and appropriate. John Lewis Amazon
On receipt of heads of terms, we will prepare and issue Selfridges Facebook documents to counterparties at top speed, often using pre- Harvey Nicholls Microsoft prepared packs. We will work with you to prepare these in advance to get transactions moving quickly. Malmaison Top Shop
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18 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
“They have been one of our very best performing panel firms ever since we started to use them. A relentless commitment to client service and to doing their very best in our interests sets them apart.” Michael Barrie - Director of Funds, Legal & General
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19 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Leasing experience
Client Experience
Claire’s Accessories Advice on all real estate matters in Belgium, including lease renewals, breaks and re-gearing. Paris-Saint-Germain FC Lease agreement for new headquarters in France. Microsoft Lease for office space in the Paris region. LinkedIn The negotiation of a fitting-out works contract for its Paris office. Forever 21 Lease agreements for retail spaces and distribution centres across multiple European coun- tries, including France, Germany, The Netherlands and Belgium. Paul Smith Advice on the client’s business roll out in Germany. Hilton Leases and franchise agreements in Germany, The Netherlands and Belgium. Urban Outfitters Shopping centre and high street retail leases in Germany and the Netherlands. Hibernia REIT plc Lease of 85,000 sq ft office deal in Dublin, Ireland to Twitter, with a rental value of €4.5m p.a, and further lease deals with HubSpot and Iconic. Microsoft Advice on all real estate matters in Ireland and Belgium, including lease renewals, breaks and re-gearing. Boeing Various lease agreements for office space in the Netherlands and Germany. Cisco Lease agreements of multiple offices in Spain, Poland and France. English Cities Fund 80,000 sq ft leasing of One New Bailey in Manchester to Freshfields Bruckhaus Derringer. Topshop Advice in relation to all of the client’s retail leases in Germany. HSBC Advice in relation to the high profile relocation of its UK ring fenced bank HQ from Canary Wharf to Arena Central in Birmingham, which was the largest inward investment deal outside London since 2002, and the UK’s highest profile relocation deal post global crisis.
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20 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Client Experience
Facebook The development agreement for the client’s 250,000 sq ft European HQ on Oxford Street in London and the client’s head lease in Paris. LinkedIn Lease agreement for the client’s offices in Madrid. State of Qatar and Sellar The signature letting of the 430,000 sq ft, 17 floor Place development at London Bridge to The Times, Dow Jones, Harper Collins and The Sun, as well as major lettings in the main Shard of Glass tower with Health Corporation of America, Mathys and Squire, Shangri-La and the rental record-breaking letting to Leonteq. Confidential Advice to a number of Global Corporates on all leasing related matters in Sweden. Expedia The letting of several premises in France and Spain.
Microsoft Negotiating and renewing the client’s lease agreement in Estonia. Marks & Spencer Lease negotiations in relation to a major lease in Estonia. Property company Sale and leaseback of a logistics property to Montea Nederland N.V in the Netherlands. Room Mate Hotels Negotiation and execution of multiple turnkey hotel developments and lease agreements in Barcelona and Madrid. IFDS Lease of its Irish HQ at Bishop Street, Dublin, Ireland at a rent of circa €1m pa.
“Despite what was without question a very challenging timescale (one no- one thought we would achieve) with your help, commitment and hard work we exceeded expectations. What was of significant assistance was your ability to distil complicated issues while also offering possible solutions. Thank you again.” Development Director Hammerson
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21 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Development
Our experts can guide you through the Managing development risk key stages of your developments: The key to a successful development is early analysis and the management of risk and regulatory requirements. With this in finance, land assembly, urban planning, mind, we work from the outset to address the key issues: vacant possession strategy, –– scheme footprint methods, professional –– rights to light appointments and construction, pre-letting and building contracts –– oversailing completion. –– liquidated damages –– environmental risks –– performance bonds and We advise our investor and developer clients on the full range –– onsite and offsite works of development and refurbishment. This work can be as guarantees –– vacant possession strategy complex as the site acquisition of 13,000 plots for London’s –– tax –– headlease restrictions Olympic Park to something as simple as re-partitioning an –– S.106 and S.278 office suite. –– restrictive covenants Agreements –– regulatory restrictions Our teams understand the nuts and bolts of property –– pre-lettings development and can dovetail the necessary land law, –– planning permission –– warranties and third party landlord and tenant, construction and urban planning advice –– Community Infrastructure rights needed either to undertake a development or manage/ Levy acquire a development asset. –– sustainability requirements With our help, development obstructions can be quickly –– financial contributions to identified and addressed/managed. This gives clients comfort works for the future and is invaluable when securing development –– building regulations finance. –– construction procurement
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22 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
“The depth and breadth of the team’s expertise and their professional approach throughout the process has been invaluable in reaching this significant milestone. They were proactive, delivered on time and were available at short notice.” Jenny Cochrane Head of Legal at Manchester Airport Group
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23 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Development experience
Client Experience
Rockspring Support the client’s major development scheme in France. Marks & Spencer Establishment of operations in France and Belgium. Harworth Advising on all aspects of the award winning Logistics North development in the UK from the initial conditional sale agreement through the planning process, the financing of the infrastructure, construction contracts, plot sales and forward funding. A global online retailer All real estate, planning and construction work for the client’s entire UK portfolio and projects in Spain, Germany, Ireland and Egypt. Aerium A joint venture development of a €80m city centre retail project in Kiel, Germany. Avestus Capital Partners Advice to a joint venture with Centerbridge on a residential development of 455 new homes in Dublin, Ireland. Cairn Development of its real estate portfolio in Ireland, including the Argentum property portfolio acquired for over €100m. CGN Nuclear Acquisition of a portfolio of 14 windfarms in Ireland including a number of windfarms in Northern Ireland, for c. €400m. The City of Warsaw Obtaining zł1bn financing from the European Investment Bank for projects in transport, edu- cation, healthcare, social services and public spaces in Poland. English Cities Fund JV Advice in relation to the £650m regeneration of Salford’s historic and civic centre in Manches- ter from the initial development agreement through planning, land assembly (including CPO) to the current delivery state. General Directorate Advice related to the A2 motorway in Poland, including on construction of a new junction, for National Roads and maintenance of the existing motorway, EU law (state aid) aspects and financing of the project Motorways for €1.3bn. Harbert Management The development of several residential plots in Spain. Confidential investor Establishment of 3 new investment funds for developments in Sweden valued at kr1bn.
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Client Experience
Birmingham City Council The £600m redevelopment of New Street Station in Birmingham, UK including the pre-let of and Network Rail the 250,000 sq ft John Lewis and the redevelopment of Pallasades and Ladywood House to create the new Grand Central shopping centre. Qatar National Bank Financing of the £340m Fielden House development adjacent to The Shard in London for residential units, including advice on complicated issues such as vacant possession and rights to light. St. Martin’s Courtyard Land acquisitions, planning, obtaining vacant possession, headleases, tax, planning, construc- tion, leasing and management in St Martin’s Courtyard in London including a £120m financing of the completed development by Aviva. Amstone Site assembly, the forward funding and construction of a £98.7m private rented sector devel- opment scheme in Manchester. The Shard and the Place Financing of the £1.2bn Shard of Glass development at London Bridge comprising offices, restaurants, a hotel, apartments and a viewing gallery as well as continued advice on con- struction contracting, tax structuring, construction financing, technical title matters, certifi- cates of title, pre-lettings, corporate matters and property management contracts. Triton Knoll Offshore Land assembly of a major 60km underground cable route and associated infrastructure con- Wind Farm necting into the existing National Grid in the UK. Facebook Development agreement for the client’s European HQ of 250,000sq ft on Oxford Street in London, as well as their new offices in Paris, Berlin and Warsaw. Kohila Vineer Planning and construction of the client’s, new plant in Estonia. Pärnu Airport Advice in relation to the first phase of reconstruction of Pärnu Airport in Estonia. Skinest Arendus OÜ Advice in relation to a large New-Holland development in Estonia. Thor Equities Construction documentation for the development and refurbishment of a major retail devel- opment in Madrid. Westhill Land & Property 3 property portfolio acquisitions (residential and commercial) for over €50m, and the devel- opment of sites at Dublin, Cork and Meath, Ireland.
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Global Estate Management
We can offer you one point of contact, Our GEM service can deliver A leading real estate partner who will be your Global Account in the time zone of your choice, for all Manager to: your real estate needs. –– manage your global service team –– action all new instructions Corporations working across jurisdictions often find –– ensure your bespoke SLAs and KPIs are met themselves working with different law firms across their portfolios. This is time consuming and cumbersome and can –– be responsible for reporting and management information lead to inconsistency of service, documentation and billing –– train and brief our global service team coupled as well with a lack of transaction visibility. –– interface with your global surveyors/partners –– manage your online deeds portfolio Key GEM clients: Cost certainty across your portfolio requirements: Microsoft Rolls Royce –– innovative fee structures, including global fixed fees Cisco Smiths Group PLC –– simplified billing – one bill for all your work –– e-billing in the currency of your choice IATA Hilton
Office Mentor Graphics Speed of delivery: –– bespoke SLAs to set targets for transaction times –– trained, dedicated service team –– quick integration of payment and procurement systems –– teams with environmental, construction, tax and planning experience in the relevant jurisdiction
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26 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Global Estate Management experience
Client Experience
Microsoft Advice on the client’s corporate office portfolio across EMEA and Asia Pacific.
Cisco Full reporting, advisory, drafting, training and after care services in connection with the new suite of global construction contracts across the Americas, EMEA and Asia Pacific.
Facebook Letting of premises in a number of European locations.
Hilton Lease and franchise agreements across Germany.
Whitestuff Advice in relation to the client’s German business roll out and various high street retail leases.
The International Site delivery as part of the client’s global hubs project in the Netherlands, Singapore and Baccalaureate Organisation the US.
Diversified industrial client Advice relating to the client’s acquisition programme in Poland.
Global corporate A real estate health check project in connection with all of their non-US real estate including a high level review of its leasehold interests and full due diligence.
“The team at Eversheds provided the perfect mix of technical excellence and innovative skill, a strong negotiating stance, knowledge of the market and its negotiating norms, the ability to work round the clock and, most importantly, a great sense of humour! These are people who are great to work with.” Nick Raby Lead Facebook Counsel
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27 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Asset management
Property management is key and We divide up letting work between our transactional and asset management teams. The transactional team deal often undervalued by lawyers. This with the high value/anchor type lettings whilst the asset can lead to matters being given to management team deals with the routine/repeat lettings. inexperienced junior staff creating Our asset management work often involves advice on: inconsistent service delivery and –– rights to light problems on disposal. –– tenant insolvency –– enforcement of covenants We know that all asset management is vital to safeguard –– technical service charge advice your assets and create income flow. We ensure that all –– boundary disputes management matters are allocated to properly qualified and experienced solicitors, who negotiate them under –– Carbon Reduction Commitment close partner supervision with minimum fuss through to –– Equality Act completion. –– alterations –– lease extensions A full life cycle approach –– debt collection Our asset management teams will flex to suit your demands. They will be involved in the purchase of an asset and will –– lease re-gearing ensure the seamless transition from purchase to daily –– maintenance and repair obligations management and eventual sale of the asset. This full life –– telecoms wayleaves cycle approach sets us apart from some firms who prefer to focus only on sale and purchase transactions, and it creates best value to you.
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28 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
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29 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Asset management experience
Client Experience
Tristan Capital Ongoing asset management service in Germany, including advice on leases, and real estate litigation. Grant Thornton Management and disposal of five retail shopping centres in Ireland. Microsoft Advice on all real estate matters in Ireland, Sweden and Belgium. Credit Suisse, Union Delivery of cadastral-related services in order to increase the tax efficiency of Spanish Investment, Acciona property portfolios. Inmobiliaria, BBVA, Deka Legal & General Advice in relation to all aspects of the property portfolios of the Legal & General Linked Pensions, Linked Life, Managed and Property Unit Trust Funds with a total value of c. £5bn, including some of the most prestigious properties in the UK such as the Rolls Building, the F.A.’s Football University at Burton on Trent, and over £2bn of top flight retail and supermarket property. Hammerson Advice in relation to the client’s £2bn UK shopping centre portfolio. This includes the development and letting of Victoria Gate Leeds and Watermark Southampton, and the initial development, letting, subsequent “Spiceal” Street extension and ongoing management of Bullring, Birmingham. Blackstone Asset management and high value leasing for three of the client’s prime London assets: The Adelphi, Devonshire Square and Broadgate Quarter. SEGRO The management of their Park Royal and Greater London industrial portfolios with a combined areas of over 6m sq ft of built space. The focus is on speed to rent which is measured through quarterly reports against pre-agreed metrics and also involves advising on ‘build to suit’ units and distribution warehouses.
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30 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Client Experience
Credit Suisse Property letting and asset management transactions including advice on rights of light and service charge recovery, tenant insolvency and enforcement, to high value lettings including securing office deals at rents over £1m p.a. in landmark buildings in London and major UK cities. We also advised on The high profile insolvency ofUK law firm Halliwells, which was headquartered in Credit Suisse’s building at Spinningfields in Manchester. This involved advice on creditor’s rights, regaining possession, service charge cost recovery and a strategy to maximise the landlord’s debt recovery from the insolvent tenant. Aberdeen Asset Property asset management covering all aspects of office, industrial and retail work in the Management UK and assistance in Belgium and Finland with transactional work. Trigon Capital Asset management services in relation to property in Estonia. Metro Capital Advising one of the leading residential property developers in a number of matters in Estonia. Land Securities Asset management services for the UK’s largest REIT across its multi-billion London, retail and leisure portfolios, as well as major developments and refurbishments, including One New Change, Gunwharf Keys and Westgate Oxford.
“I think of Eversheds as a partner, not a supplier. It’s a service that hits all the right spots. They have introduced innovative methods that have allowed us to reduce costs whilst still making it a worthwhile deal for Eversheds. They always deliver on budgets because they are open, up front and have the right conversations with us.” Head of Legal Land Securities
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31 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Debt finance
Our real estate and banking teams We understand how real estate assets are managed and always ensure that the finance documents dovetail with the property work closely together to provide management and other asset requirements. cohesive and integrated advice. Where acquisitions are debt funded we integrate our due diligence to minimise duplication and save clients’ money. We have extensive experience in advising on domestic and international real estate finance transactions in the investment, Clients development and structured real estate debt sectors. Clients Qatar National include the whole range of lenders and borrowers. Through our Aeriance Credit Suisse Bank work for them, we have developed a deep understanding of each party’s needs and requirements and give robust advice on Deutsche Barclays RBS all lending matters including: Pfandbriefbank AG –– assistance in agreeing the term sheet Bayerische HSBC Santander –– negotiating the facility agreement and related security/ Landesbank finance documentation Starwood Blackrock ICG-Longbow –– preparing property due diligence Capital Group –– work on satisfaction of conditions precedent Sunrise Senior Cain Hoy Legal & General –– post completion registrations and formalities Living Catalyst Capital LetterOne TH Real Estate Cheyne Capital Lloyds Urban Exposure National Bank of Credit Agricole Venn Partners Abu Dhabi
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32 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
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33 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Debt finance experience Client Experience
Bayerische Landesbank Multimillion euro loan facility for the acquisition of PEP shopping centre Neuperlach (Munich) by and Deka Bank TIAA CREF, one of the largest single asset transactions in Germany. Invesco Real Estate €188m loan facility for the acquisition of a portfolio of office properties in Berlin, Hamburg, Munich and Offenbach in Germany. Credit Suisse €200m loan facility for the acquisition of a portfolio of residential properties in Germany. HSBC €108m loan facility for the refinancing of a portfolio of industrial properties in Germany. Apollo Asset Managers and Acquisition from Ulster Bank of a portfolio of real estate backed loans in Ireland with a par value of Deutsche Bank c. €1.5bn. McGarrell Reilly Group Development of its land and the Charlemont Regeneration Project in Dublin, Ireland in conjunc- tion with Dublin City Council. Ivy Groep €60m financing with Banque J. Safra Sarasin (Luxembourg) SA for development various shopping buildings located at Rokin in The Netherlands. DG Infra Yield and Tinc €50m acquisition finance of onshore windfarm in The Netherlands with ASN Bank and ASN Groenfonds. Harbert Management Financing of several property acquisitions with Banco Santander in Spain. Corporation Rockspring PIM Refinancing of the acquisition of Rockspring’s Spanish retail portfolio. Bank syndicate £300m senior and mezzanine loan financing package for the development of student accommo- dation in the UK. Urban Exposure £80m loan facility to fund a mixed use development in Greater London. LetterOne Treasury Services £100m facility on a residential development financing in Central London.
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34 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Client Experience
Venn Partners £100m whole loan financing of Hub’s Hoola residential development at London’s Royal Docks and subsequent sell-down of a senior tranche to a Far Eastern bank (and related intercreditor arrange- ments). Also advice on all aspects of the structuring of the client’s PRS government guarantee scheme, as well as precedent loan and security documentation. Cheyne Capital Several UK development whole loan facilities with subsequent senior sell down and related intercreditor arrangements. Santander and United Advice in relation to a $450m JV between Arora, Queensgate Investments and AEG, on the Overseas Bank financing of the Intercontinental at the O2 and related residential tower in London. Barclays Bank More than 12 residential development financings including one for Barclays on Mount Anvil’s Dol- lar Bay development in London. HSBC £65m hotels development financing in London. Confidential Bank Islamic (reverse murabaha) financing of a London residential development. Savills Investment Advice in relation to a number of bilateral acquisition financing facilities, provided by an interna- Management tional bank for the purposes of acquiring Swedish property and the acquisition of logistic properties in Scotland, the Netherlands and in Sweden. Wendre Raising money against the client’s properties with the aim of securing financing for the whole business in Estonia. Kalev REC Reorganisation process of a real estate company, which included acting as a administrator in Estonia.
Berlin Hyp Financing of the acquisition of the Vattenfall Headquarters in Germany by Westbrook Partners and Cornerstone, one of the first transactions under the new German law LMA REF standard.
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35 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Tax and Transaction Structuring
Our dedicated real estate tax team We will propose arrangements that minimise tax leakage, making best possible use for you of the available taxation will assist you from the start of each treaties and local tax rules. transaction and analyse all relevant tax We will work closely with you on all aspects of your issues. structuring, ensuring that the proposed legal solution is commercial and operates without undue cost or We can advise on legitimate mitigation of tax liabilities bureaucracy. through our wide experience of transaction structures. In working on international structures, we regularly partner Structuring with overseas lawyers and custodians in jurisdictions such as We advise a wide range of onshore and overseas investors the BVI, Channel Islands and Luxembourg. We have all the acquiring UK assets. We help them establish the optimal necessary relationships to deliver any overseas structuring structure for their holding and acquisition vehicles. This for you in an integrated and seamless style. typically involves analysing the underlying investors’ tax position, applicable taxation treaties, target investments and the proposed business.
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36 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
“They quickly mobilised a sizeable team comprising all the necessary specialists needed for both the real estate and corporate aspects of the transaction and worked incredibly long hours alongside our own team to negotiate and close out the deal. We can see that the specialist knowledge and project management skills brought to bear contributed significantly towards the overall success of the venture.” Nitin Bhandari, LetterOne
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37 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Tax and transaction structuring experience Client Experience
German investment fund The acquisition and structuring of a Belgian real estate company for a total transaction value of €23m. This involved tax due diligence of the target company, obtaining an advance tax ruling to carry-forward losses in Belgium, and obtaining an advance tax ruling to withhold tax exemption of profit repatriation through dividend/interest payments. SAREB Full tax due diligence services and tax advice on property disposals including VAT, Transfer Tax and Tax and transaction structuring matters in Spain.
Various confidential Tax advice on SOCIMI tax regime (Spanish REITS). investors Confidential investor Full tax due diligence on the acquisition by a major UK investor of units in a Jersey Property Unit Trust including advice on available reliefs, stamp taxes, capital gains base cost, investment vs trading and UK establishment.
LetterOne Structuring of various UK student accommodation deals with a total value of circa £680 million. Two of the portfolio acquisitions were in corporate wrappers.
Saudi Arabian Investors Advice in covering all tax aspects of the financing, acquisition, structuring and development of the landmark Park Crescent West scheme at regent’s Park, UK including advice on SDLT, VAT, permanent establishment, withholding taxes and finance.
Middle Eastern Investor Advising Middle Eastern investors on all tax aspects of the financing, acquisition, structuring and development of a landmark property in London, including SDLT, VAT, withholding taxes and finance.
Legal & General Advice relating to the joint venture and acquisition of a 50% interest in The Peel Group’s £500m BBC MediaCity UK scheme in Manchester.
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38 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Client Experience
Trading House Property Restructuring one of the largest production property portfolios in Estonia, with additional OÜ assets in Finland and in Poland.
Tele2 Restructuring a leading telecommunication company in Estonia.
Investment company Financing of Windpark Kreekraksluis, financed with a mix of equity and debt project financing in the Netherlands.
“Eversheds’ understanding of development; their commercial approach to the transaction and their ability to get parties with differing agendas to reach agreement on technical points has been fundamental to achieving legal completion.” David Marriot Argent
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39 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Construction and litigation
Construction Client Experience Many real estate transactions involve either newly built or refurbished assets or those soon to be worked on. Our Shard of Glass The procurement contract, construction team is on hand to ensure that you take the full construction appointments, 3rd benefit of any ongoing warranties and covenants from party rights, FM contracts, practical contractors and professionals. The team will also advise on completion issues and contract any disputes or claims to protect your future position. retentions in the UK.
If you carry out works on your own account, our team will The Peak Full construction due diligence for the work with them to fully document requirements, protect Swedish state Pension Fund on this your interests during the development period and satisfy new build office building in Victoria, future purchasers and occupiers of the asset without London, including assignment of adversely affecting saleability. warranties to the purchaser. Rennes OÜ Construction of the logistics centre of Client Experience one of the largest beverage companies in Estonia. A publicly Several major infrastructure projects in owned project Germany. Kohila Vineer Construction of a new plant in Estonia. management company Microsoft Several construction contracts in France. Ronan Real All construction aspects of the Estate Group development of Burlington House, one of the first major office redevelopments in Dublin, Ireland since the beginning of the recession.
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40 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Real estate litigation Client Experience The team is led by experienced partners and has acted in over 20 reported decisions in the last 3 years, covering a wide range of Pret France Advice relating to the client’s disputes. development schemes and commercial leases. The team has substantial experience in dealing with issues arising out of the acquisition, management and disposal of Confidential Advising a large privately owned Irish commercial real estate including contested lease renewals, contractor national contractor on a potential debt collection and enforcement of lease terms. They also defective cladding claim. We advise on have particular skills in property joint venture and fund mediation, conciliation and arbitration disputes as well as large scale rent review arbitration and and the ability to join the Employer and expert determination work. Architect in the claim and related ADR issues. The team has substantial experience in dealing with the issues of site clearance, covenants and easements, rights to light and Confidential Representing a Polish state owned other nuisance claims. They have been involved in a number of creditor entity – a creditor in the cross-border reported rights to light cases both for developers and adjoining bankruptcy of an infrastructure Austrian landowners; all of which have been successful. holding. This was one of the biggest bankruptcies in the infrastructure sector in Austria. The value of the holding is around €2.6bn globally.
ABP Ports High profile contested lease renewal at Immingham Oil Terminal, the UK’s largest, resulting in eight successful judgements in favour of our client.
Maanteeamet Acting as a main advisor in relation to disputes concerning publicly financed road constructions in Estonia.
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41 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Corporate and Funds
Our corporate group can work as Continuity amid change We are in a time of great market change, with new structure one team with real estate and tax types and tax and regulatory developments constantly to help you with all of your indirect emerging. We can help you navigate this ever changing transactions. landscape. Our experience covers a broad variety of joint venture and Getting the best structure co-investment structures including: There are many possible holding structures for real estate, from simple onshore or offshore companies to highly –– property funds complex joint ventures using a variety of vehicles. –– onshore property companies The optimum choice for you will depend on weighing –– offshore property companies up many factors, such as investor identity, asset type and location and your business plan. These will need to be –– limited partnerships balanced with tax efficiency, flexibility for exit, types of –– offshore unit trusts return, regulatory requirements and future proofing. –– exempt unauthorised unit trusts –– REITs –– offshore property funds and vehicles
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42 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
“Our longstanding partners at Eversheds worked round the clock and exceeded our expectations. Their team identified our risk areas, distilled complicated issues and offered possible solutions that worked for us. They were really impressive” Graham Canvin, Head of Corporate Real Estate, HSBC UK
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43 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Corporate and Funds experience Client Experience
Publicly traded The acquisition of several Belgian real estate companies, followed by a merger, for a global fund investment value of €137m and in a publicly offered capital increase of €32m. Gulf based The purchase of 30 assets in France, Germany, Italy, Luxembourg and the UK. These were held in a sovereign wealth variety of Lux, French, German, UK, Italian and German companies. We acquired all the entities and fund re-structured both the debt and equity position for the group. This portfolio came from multiple vendors and involved corporate and debt re-structuring, on top of the usual property and other due diligence. The combined value of the assets was over £2bn. Middle Eastern All tax aspects of the financing, acquisition, structuring and development of a landmark Covent investors Garden Market development in London including SDLT, VAT, withholding taxes and finance. We negotiated the shareholder agreement for the investors, the development management agreement and the onshore procurement company agreement. We were also tasked with creating a tax efficient structure including dealing with diverted profits tax. Oaktree Advice relating to the client’s bids, acquisitions and workouts of in excess of £3bn of non- performing loans. The loans were across varied UK asset classes including residential property, offices, shopping centres and development sites. Apollo Establishment of a classic private equity model to acquire and run a data-centre business.
Hearthstone The creation and launch of its property authorised investment fund (PAIF), the TM Hearthstone UK Residential Property fund. The fund was the first PAIF established to invest in UK residential property. Nikal Structuring advice relating to Masshouse, a 1.1m sq ft mixed-use regeneration scheme in Birmingham Eastside, UK. We have structured the ownership to maximise efficiencies re funding and exit options, whilst ensuring the tiered ownership would be acceptable to both the local authority and potential purchasers of the various interests created. Aberdeen Asset Establishment of the first authorised contractual scheme in the property market with assets of over Management £4 billion, having worked closely with HM Treasury in drafting the rules for these schemes.
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44 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Client Experience
SEGRO A number of joint venture projects with Roxhill Development Group for the potential development of more than 10 million sq ft of big box logistics warehousing over 10 years in the South East and Midlands, UK. Should all of the sites become fully developed, the total potential capital expenditure (including land and infrastructure) is estimated to be circa £800m. Sovereign Wealth Advice relating to multiple property investments in the UK. Fund New River Capital Advice relating to various joint ventures and on the move from AIM to the main market of the LSE.
Catalyst Advice on various joint ventures with Starwood and Blackstone in respect of 1 America Square and Stratford Shopping Centre. Real I.S. Advice relating to fund rules, information memoranda and other regulatory matters in Germany.
Cairn Homes Advice in relation to the client’s Irish real estate element of its recent Initial Public Offering (IPO) on the London Stock Exchange, valued at c.€450m. Aerium A joint venture for the realisation of a city centre retail development project in Kiel, Germany.
Henderson Advice to support the fund with underlying joint ventures, sales and purchases, capital raising, financing, advice on regulatory changes, term extension and negotiation of subscription agreements with investors from a range of countries globally.
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45 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Other services
Planning and Hotel developments Transport and infrastructure consenting and leisure infrastructure
Residential development, Logistics and warehouse Timber and forest multi-family and development products build to rent
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46 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
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47 Sales and Leasing Development Global estate Asset Debt finance Tax and Construction Corporate Other purchases management management transaction and litigation and funds services structuring Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Our US experience
Sales and purchases
Client Experience
Confidential client Acquisition of more than 20 shopping centers having an aggregate value of more than $500 million.
Multinational A multibillion-dollar sale of its North American real estate assets to a multinational financial services Conglomerate corporation. Patillo Industrial The sale of a portfolio consisting of 4.1 million square feet of 69 industrial buildings. Real Estate A consortium of A $5 billion purchase of 3.8 million acres of forestland - the largest private timberland sale in U.S. buyers history at the time. Hines Acquisition of Atlantic Station Town Center, the centerpiece of the Atlantic Station development in Atlanta, Georgia. Leasing
Client Experience
Board of Regents Advice in relation to a build-to-suit lease for approximately 300,000 sq ft of office space and a two of the University megawatt data center in the United States. System of Georgia Home Depot Multiple ground leases throughout the United States. Pattillo Industrial Advice in relation to industrial development, leasing and build-to-suit, including the leasing and Real Estate development of more than 20 million sq ft of industrial space in the United States. Sembler Company Development, purchase and sale of projects consisting of more than 5 million sq ft of retail space, including Town Brookhaven, a mixed use facility containing in excess of 400,000 sq ft.
48 Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Development
Client Experience
Fuqua Development and Advice in relation to both the Class A multifamily and ground-level retail components of the Pollack Shores Real Estate $300 million plus mixed-use development surrounding the Atlanta Braves Stadium in Cobb Group County, Georgia. Hines/public pension fund Acquisition, development and financing of a 400,000 sq ft office tower over a retail podium joint venture with a separate structured parking deck in the Nashville Central Business District of the United States. T5 Data Centers Acquisition, developing and leasing of numerous single user data centers and call centers throughout the United States, including more than 1 million sq ft in Georgia, Idaho, Louisiana, Kansas, Maine, Missouri and Tennessee. Global Estate Management
Client Experience
Grant Thornton Negotiation of leasing transaction across the United States ranging from a headquarters lease in Chicago, a 130,000 sq ft lease in New York City and numerous other leases across the US between 5,000 and 150,000 sq ft. PGi Leasing matters throughout the US and Canada involving negotiating office and data center leases ranging from a 90,000 sq ft HQ lease in Colorado to numerous leases involving between 5,000 to 15,000 sq ft. Fortune 500 global Multiple leasing matters throughout the United States and in Europe, ranging from a 414,000 investment management sq ft HQ lease in Texas to numerous leases involving between 5,000 and 100,000 sq ft. firm
Tax experience
Client Experience
Forestar Buyouts of joint venture partners, which included acquiring the entire interest in 17 real estate developments. Forestland Group The planning and execution of various acquisitions, including stock and asset acquisitions by a privately held UPREIT, as well as new markets tax credit financings.
49 Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Debt Finance
Client Experience
Bank of America The workout of a $1.2 billion securitized mortgage loan secured by a large portfolio of luxury hotels located in the United States and the Caribbean. Metlife A $190 million mortgage loan transaction secured by the Ritz-Carlton in Key Biscayne, Florida and a $78 million loan transaction secured by the Sawgrass Marriott Golf Resort & Spa in Ponte Vedra, Florida. Principal A $215 million mortgage loan secured by research and laboratory facility owned by MIT and leased to Pfizer. TH Realty (fka TIAA) $120 million mezzanine financing arrangements for the purchase of the 42-story, 1.7-million-square-foot 1285 Avenue of the Americas building in New York for $1.6 billion and the origination and acquisition of a $55 million B-Note which was a portion of a $300 million first mortgage loan secured by the Graybar Building in the Manhattan CBD.
Corporate and funds
Client Experience
Clarion Partners Recapitalization and acquisition of an 83% ownership stake by an asset management firm for $585 million. L&B Realty Restructuring capital stack for portfolio of eight resort properties.
Public Employee Pension A joint venture with a regional operator for the acquisition of an office property in Santa Plan Monica, California, for $284 million. Bookdale group Formation of a series of real estate funds with aggregate capital commitments of more than $1 billion. Forest Investment The formation of a Brazilian joint venture for this private timberland investment firm. Associates Public pension fund Joint ventures with two public REITs to create investment funds to acquire up to $2 billion in retail and healthcare properties in the United States.
50 Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
51 Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
Get in touch
@ESrealestateLaw eversheds-sutherland.com/RE
Eversheds Sutherland Real realestate@ Estate eversheds-sutherland.com
“Without a shadow of a doubt, one of the best firms we have ever used.” Anonymous real estate client Chambers UK 2015
52 Unlocking your potential Eversheds Sutherland at MIPIM Cannes 2017
“Eversheds’ continued commitment to excellence has directly contributed to the success of our Logistics North development, with transactions for the development of 2m sq. ft of new commercial space completed in the last three years alone. This efficiency, coupled with their enthusiasm, make them a pleasure to work with.” Phil Wilson, MD of Capital Growth, Harworth Group plc
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Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP are part of a global legal practice, operating through various separate and distinct legal entities, under Eversheds Sutherland. For a full description of the structure and a list of offices, please visit www.eversheds-sutherland.com.