International legal practice Norton Rose LLP acted for Europa Capital, the European private equity real estate fund manager, on the sale of a strategic stake to Rockefeller Group, creating a $20 billion (£12.7bn) fund management group.
Europa has more than €2bn (£1.8 bn) in equity under management in six opportunistic European real estate funds and more than €6.5 billion (£5.7bn) invested in 17 European countries since 1995. Rockefeller Group, established in 1928 to develop the Rockefeller Centre in New York, is now owned by Japan’s Mitsubishi Estate.
The Norton Rose LLP team comprised Mark Lloyd Williams, James Pullen, Lily Kotsana, Lance Jones, Tom Meredith and Katie Knowles (corporate), John Challoner and Julia Lloyd (tax) and Peter Snowdon and Lucie Nunn (regulatory). Debevoise & Plimpton acted for Rockefeller Group.
Lead London based partner, Mark Lloyd Williams said:
“We were very pleased to be involved in this transaction, setting up a strong and exciting vehicle which combines the best of both Europa and Rockefeller Group/Mitsubishi Estate. We believe there will be significant consolidation in the European real estate fund management sector as management teams seek to secure greater financial stability. This deal puts Europa in a very strong position.”
Norton Rose LLP has advised on several recent European M&A transactions, including the merger between F&C and REIT Asset Management and the acquisition by ING Real Estate Income Trust of Rugby REIT.
Other transactions undertaken by Norton Rose LLP in the sector include:
- acting for ING Real Estate Income Trust on the acquisition of Rugby REIT, the first acquisition of a REIT by an offshore vehicle;
- acting for F&C on its merger with REIT Asset Management;
- acting for F&C on its acquisition of a controlling stake in Thames River Capital;
- acting for Workspace Group on its rights issue, the first by a UK REIT;
- acting for JP Morgan on Invista European Properties’ rights issue;
- acting for F&C REIT Asset Management on its successful defence of the bid by UK Commercial Property Trust for F&C Commercial Property Trust; and
- acting for Alpha Tiger Property Trust on its investment in Close High Income Properties Trust
