02:36, June 21 729 0

2017-06-21 02:36:06
Clifford Chance and Linklaters win key roles on £500m Blackstone deal

Clifford Chance and Linklaters won the top roles as Blackstone acquired a majority interest in workspace provider The Office Group (TOG) for roughly £500m.

The deal is expected to be completed later this month with Lloyd Dorfman and co-founders Charlie Green and Olly Olsen remaining as shareholders. Green and Olsen will continue in their co-CEO roles with the company.

Clifford Chance corporate partner Spencer Baylin led Blackstone on this deal, with help from real estate partner Angela Kearns.

Linklaters corporate partner Ben Rodham led the team, which included real estate partner Simon Pryce, for The Office Group.

Earlier this month, Blackstone agreed to sell its warehouses and logistics business to Logicor in Europe’s second-largest real estate transaction worth €12.3bn. On that deal, Clifford Chance had advised the Chinese sovereign wealth fund China Investment Corporation (CIC).

The two deals suggest a shift in dynamic for Blackstone, moving away from traditional real estate spaces and toward more agile areas.

Blackstone head of European real estate Anthony Myers said: “The traditional workspace is being redefined in gateway cities across the globe, as evolving business practices increase demand for flexible office space to suit the needs of the discerning modern occupier.”

“We are excited about this opportunity and look forward to working with the team to capitalise on the sector’s continued growth.”

Green and Olsen founded TOG in 2003 with backing from London-based private equity fund Bridges Fund Management. Travelex founder Lloyd Dorfman became majority shareholder and chairman in September 2010. The company’s portfolio includes 36 buildings focused mainly in central London.