Freshfields advises Ares Management on its sale of a pan-European logistics portfolio to Investec Property Fund
Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised funds managed by the Real Estate Group of Ares Management Corporation (ARES), a leading global alternative asset management firm, on the sale of its stake in a 40-property pan-European logistics portfolio to Investec Property Fund (Investec), the South African banking and investment management specialist and its co-investment partner in the portfolio, for more than €900 million.
Ares acquired the portfolio in January 2018 - which Freshfields also advised them on – and then began aggregating it. Through 12 separate transactions, the portfolio grew to include 40 properties across 31 locations covering more than 1,000,000 square meters. The properties are generally mid-sized and located near airports, ports, and population centres in the major logistics corridors of six European countries; Germany, France, the Netherlands, Spain, Poland and Italy. Since aggregating the portfolio, the joint venture improved occupancy levels to 99% and extended average lease terms.
The deal signed and closed on 24 February 2020.
The Freshfields team was led by partner Alex Watt, supported by senior associate Palina Pradhan and associate Cassandra Steinmetz, with tax advice being given by partner Jill Gatehouse and associate Alex Cheetham.
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