04
Sat, Apr
67 New Articles

Gleiss Lutz and CMS Advise on Pradera Acquisition of IKEA Centers Real Estate Portfolio

Gleiss Lutz and CMS Advise on Pradera Acquisition of IKEA Centers Real Estate Portfolio

Deals and Cases
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Gleiss Lutz and CMS have advised the Pradera retail property fund and asset managers on its EUR 900 million acquisition of 25 prime retail parks in eight European countries from IKEA Centres. The sellers were advised by Mannheimer Swartling.

The parks, each located beside an Ikea store, were acquired by the Pradera European Retail Parks SCSp fund, which is backed by equity investments from private wealth partnership, LJ Partnership. LJ Partnership took a significant minority stake in the business in May 2016.

The portfolio of retail parks situated next to IKEA stores includes around 500 units with a gross lettable area of around 538,000 square meters. Completion on 17 assets located in Germany, France, and Poland is expected on April 4, 2017, with a further eight retail parks in Sweden, Finland, Denmark, the Czech Republic, and Switzerland due to complete on August 31. 

Founded in 1999, Pradera’s EUR 2.7 billion portfolio prior to the acquisition included 44 shopping centers and retail parks in the UK, Spain, Italy, Germany, Poland, the Czech Republic, Greece, Turkey, and China with more than 2,500 stores. 

Gleiss Lutz advised on German law as well as on the overall transaction and coordinated the work of the law firms involved, including CMS in Poland and the Czech Republic, Accura (Denmark), Cederquist (Sweden), Hannes Snellman (Finland), Michelez & Associes (France), Stephenson Harwood (France), Walder Wyss (Switzerland), SJL Jimenez Lunz (Luxembourg), Loyens & Loeff (Netherlands), Addleshaw Goddard (Great Britain). 

The Gleiss Lutz team was headed by Partners Tim Weber and Burkhard Jakel and included Frank Schlobach, Svenja Bender, Isabel Jahn, Johannes Grob, Vanessa Bayliss, Andreas Kohlheim, Patrick Steinhausen, Oksana Weber-Kim; Tobias Johannes Abend, Michael Ilter, and Alexander Kruger (in Frankfurt), and Konrad Discher, Jonas Rybarz, and Matthias Schilde (all Berlin), and Jacob von Andreae, Kevin Grimmeiss, Eva Koch, and Antonia Harbusch (and Dusseldorf).

The CMS team was led by Partners Wojciech Koczara and Lukas Hejduk, supported by Marcin Pasik, Joanna Pierzchala, Michał Maslak, Grzegorz Paczek, and Konrad Werner in Poland and Petr Koral, Petr Huk, and Lukas Valusek in the Czech Republic. The CMS team was responsible for the due diligence of the Polish and Czech assets and supporting in the preparation of transaction documentation including financing documentation.

The Mannheimer Swartling team was led by Tomas Johansson in Sweden, as well as other law firms in the relevant jurisdictions.

Poland Knowledge Partner

Penteris is a law firm combining in-depth expertise, robust advice, and a pan-regional reach.

We provide full-service business law advice within five sector lines: Energy & natural resources, Financial institutions, Private equity, Real estate, and Retail.

On the market since 2001, we were originally part of a Scandinavian law firm and then a founding office of a pan-Baltic organisation.

Our attorneys will work closely with you, providing you with the hard skills, service-minded know-how, and legal expertise that will keep you secure while you lead the market.

Our skills are at your disposal:

  • Expertise and passion wrapped up in a personal service
  • Close-knit team providing a multidisciplinary approach
  • Ability to listen, understand, and deliver for the tangible benefit of the client.

The team continues to be internationally recognised year on year, most recently by Chambers Global 2019, Chambers Europe 2019, and The Legal 500 EMEA 2019.

Firm's website: https://penteris.com

Our Latest Issue