White & Case has advised P3 Logistic Parks (P3) and global investment company TPG Real Estate and developer Ivanhoe Cambridge on the sale of P3 to GIC, a sovereign wealth fund established by the government of Singapore. Kirkland & Ellis advised GIC on the EUR 2.4 billion deal, which White & Case describes as "the largest deal on the European real estate market this year, and the largest real estate deal in the Czech Republic ever."
White & Case previously represented P3 in its 2013 acquisition of a EUR 523 million portfolio, as well as with respect to the recent EUR 1.4 billion long-term financing agreement with a group of international financing institutions (as reported on October 28, 2016).
According to White & Case, "over the course of the past three years, P3 Group, through a number of acquisitions in key markets across Europe, has grown into one of the largest fully integrated logistics and developer platforms in Europe, with a portfolio of 3.3 million square meters of storage and industrial premises across 163 modern warehouses in nine countries."
"We are immensely pleased about this opportunity to provide legal assistance to a long-term client in a transaction of such exceptional format, a transaction which reflects the company’s growth strategy and confirms its leading position among European logistics property owners," said White & Case Partner Petr Panek, who heads the firm’s CEE real estate practice group and led the firm's team on the deal.
In addition to Panek, the White & Case team consisted of Partner Jonathan Weinberg, Local Czech Partner Vaclav Kubr, and Lawyers Karel Petrzela, Lubos Koucky and Vladimir Ivanco.
The Kirkland team included London Corporate Partners Matthew Elliott and Celyn Evans, Debt Finance Partner Michael Steele, Competition Partner Paula Riedel, and Tax Partners Jonathan Kandel and Frixos Hatjantonas.
Editor's Note: After this article was published Kinstellar announced that lawyers from its Bulgarian, Czech, Romanian, Serbian, and Slovakian offices had worked alongside Kirkland & Ellis in advising GIC on the deal. Kinstellar noted that the deal involved a portfolio of over 163 sites primarily in Eastern and Southern Europe totaling 3.3 million square meters of warehouse space and additional land."
The Kinstellar team consisted of Partner Jan Juroska and Associate Rudolf Schichor in the Czech Republic; Partner Razvan Popa and Managing Associate Mihaela Posirca in Romania; Partner Selma Mujezinovic and Associate Andreja Vrazalic in Serbia; Counsel Zuzana Hodonova and Associate Vladimir Simkovic in Slovakia; and Counsel Antonia Mavrova and Managing Associate Mladen Minev in Bulgaria.
Subsequently, Dentons announced that it had advised TPG Real Estate on the Polish and Romanian aspects of the deal, including sell-side due diligence. The firm's 40+ team was led by Bucharest-based Partner Perry Zizzi and Warsaw-based Counsel Gabriel Olearnik. The same team advised P3 on the Romanian and Polish aspects of the recent EUR 1.4 billion pan-European refinancing of its logistics portfolio.