Freshfields Bruckhaus Deringer and Linklaters have acted as key advisers on the sale of logistics and warehouse business PointPark Properties (P3) to a joint venture between private investment firm TPG and real estate company Ivanhoe Cambridge.

Freshfields won the mandate for TPG and Ivanhoe, fielding a team led by real estate partner Alex Watt, corporate partner Bruce Embley and banking partner Jeffrey Rubinoff. They were supported by lawyers from the firm's London, Paris, Cologne, Amsterdam, Milan and New York offices. 

The duo acquired P3, an investor, developer and asset manager of warehouse properties, from alternative investment firm Arcapita.

Linklaters advised Arcapita with a team of more than 100 lawyers across multiple practice areas, led by head of corporate real estate Matthew Elliott and London corporate partner Richard Good. 

At the time of the transaction, Arcapita went through an insolvency process that yielded mandates for Gibson Dunn & Crutcher and Milbank Tweed Hadley & McCloy.

Elliott said: "This was a complex transaction involving a significant reorganisation of three Sharia-compliant fund structures holding assets across nine jurisdictions with the ultimate holding structure being the subject of Chapter 11 proceedings. This was coupled with the deal being done on an incredibly tight timeframe, taking six weeks from start to finish, a fantastic achievement given the scope of the transaction."

The deal follows the £265m sale of the City office site Woolgate Exchange earlier this year to TPG and Ivanhoe, on which Freshfields and Lawrence Graham took the leading advisory roles.  

P3′s real estate assets consist of 48 warehouses and a land bank allowing for the creation of more than 590,000 sq m of warehouse space across Europe.