Jones Day ties up A$1.6bn business parks deal
Legal Week reports
December 06, 2006 at 07:03 PM
2 minute read
Jones Day's London office has completed a major corporate deal for industrial property group Macquarie Goodman, advising on its A$1.6bn (£642m) acquisition of UK business parks developer Akeler Holdings.
The US firm's City arm advising Macquarie Goodman was led by corporate partner Neil Seaton alongside corporate partner James Goold and property partner Stephen Walter.
The acquisition of Akeler's UK business parks by Macquarie Goodman's managed fund, Arlington Business Parks Partnership (ABPP), is worth £600m. The remaining value covers the acquisition of its properties in Continental Europe and its management business.
Clifford Chance (CC) acted for Akeler, a consortium including Global Fund 1 and Macquarie Bank. Corporate partner Spencer Baylin led the CC team.
The deal makes ABPP one of the biggest UK business park funds, with 22 sites valued at £1.8bn.
The instruction is the third that Jones Day has won from Macquarie Goodman over the last year after first working opposite Macquarie when it acquired longstanding Jones Day client Arlington Securities for £173m in September 2005.
Goold told Legal Week: "We started acting on the deal in September and it completed on 14 November, so it was very quick."
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