Herbert Smith and BLP act as PE giant buys £220m industrial property portfolio
Berwin Leighton Paisner (BLP) and Herbert Smith have advised on Blackstone's £220m purchase of an industrial property portfolio from real estate developer Prologis. BLP took a first-time role for new client Prologis with a team led by real estate partner James Knox, corporate finance partner Rob Salter and tax partner Neville Wright.
February 23, 2012 at 07:03 PM
2 minute read
Berwin Leighton Paisner (BLP) and Herbert Smith have advised on Blackstone's £220m purchase of an industrial property portfolio from real estate developer Prologis.
BLP took a first-time role for new client Prologis with a team led by real estate partner James Knox, corporate finance partner Rob Salter and tax partner Neville Wright.
Herbert Smith advised the private equity house on the acquisition, with real estate head Ian Cox working alongside real estate partner Jeremy Walden, corporate partner Gavin Davies and tax partner Neil Warriner.
The deal saw Prologis sell 13 UK warehouses to Blackstone after the real estate developer stated that the portfolio no longer fitted with its investment strategy.
Knox said: "Most of the big activity in the investment property market at the moment has been in central London, but one of the exceptions to this has been logistics properties, where there is always a strong market because service companies always need space and are reliable tenants for sellers. Therefore we are really pleased to have won another client in this area."
Luxembourg law firm Bonn Steichen & Partners also took a small role on the deal, providing local advice on Luxembourg issues involved in a related share sale. Finance partner Laurent Lazard led the firm's team.
The deal, which closed on 8 February, comes after Blackstone posted its 2011 financial results earlier this month, with revenue falling 2% to $1.39bn (£877m) last year.
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