BLP advises Prologis on £220m disposal of 13 warehouses
International law firm Berwin Leighton Paisner (BLP) has advised new client Prologis on the disposal of 13 UK-based distribution warehouses for £220m to Blackstone. Prologis is one of the leading providers of distribution buildings and owns and manages over 20m square feet of industrial space in the UK.
The transaction also involved a share sale of 16 of the entities that hold the various properties with a number of these entities registered in Luxembourg. The deal strengthens BLP’s experience in cross-border M&A and is testament to the firm’s stellar reputation within the real estate sector.
The BLP team was led by real estate partner James Knox and corporate finance partner Rob Salter. They were assisted by corporate finance associates Michael Weir and Ruth Whorton, real estate finance associate Liz Bailey and real estate associate Parita Wooding. Partner Neville Wright and associate Katherine Durkacz advised on tax matters.
Commenting on the deal, James Knox said:“We are delighted to have acted on this significant transaction as our first deal for Prologis. We pride ourselves on being aligned with our clients’ businesses and with similar growth strategies to Prologis in place for key markets such as Germany and China, we hope to be able to support them again on future real estate M&A transactions.”
Nick Smith, UK Head of Legal at Prologis said: “This is an important transaction for Prologis and we appreciate how hard the BLP team worked to make sure that the deal was completed within a tight timescale.”
Hebert Smith advised Blackstone whilst Bonn Steichen & Partners provided legal advice on Luxembourg matters. The transaction completed on 8 February 2012.
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