13:53, June 05 418 0

2017-06-05 13:53:08
Clifford Chance and Simpson Thacher advise on €12bn Blackstone deal

Clifford Chance and Simpson Thacher & Bartlett have won top roles on the €12.3bn sale of Blackstone’s warehouses and logistics business Logicor.

The deal is Europe’s second-largest real estate transaction on record, with Blackstone selling to Chinese sovereign wealth fund China Investment Corporation (CIC).

Clifford Chance co-head of real estate Adrian Levy led the team for CIC and received support from partners Nigel Wellings, Alis Pay, Catherine Cook, David Saleh and Barry O’Shea.

Simpson Thacher partners Wheatly MacNamara, Adam Signy and Tom Lloyd advised private equity house Blackstone.

US-firm Blackstone approved the deal on June 2 for the Chinese sovereign wealth fund to acquire Logicor’s 147m sq ft of warehouse space distributed across 17 European countries.

Blackstone’s real estate head Anthony Myers said: “We built Logicor through over 50 acquisitions to be a premier pan European logistics real estate company.

“It will now have an excellent new long term owner, and we have no doubt that it will go from strength to strength in a sector with hugely positive prospects.”

While the deal is the second-largest in Europe, it represents one of the largest international Chinese takeovers to date. Others include China National Chemical Corporation’s (ChemChina) $43bn acquisition of Syngenta last year.

CIC was founded in 2007 as a state-owned incorporated with a registered capital of $200bn, which had risen to $810bn by 2015.