Carey Olsen’s corporate team in Jersey have advised real estate investment fund manager Clarion on the €882 million sale of a corporate structure owning a portfolio of 31 institutional quality logistics properties.
Purchased by Dream Industrial REIT, the pan-European portfolio is 100% leased and comprises more than 827,000 square metres of developed land across Germany, the Netherlands, France, Spain, Slovakia and the Czech Republic, with a further 95,000 square metres of land for further development.
The transaction is one of the largest European real estate deals this year.
Working alongside lead onshore counsel Goodwin Procter, the Carey Olsen team advising Clarion on the Jersey legal and regulatory aspects of the sale was led by partner James Mulholland, with assistance from senior associate Thomas MacAdie and associate Stephanie Hobbs.
James said: “It was a pleasure to assist Clarion on such a complex and high-value cross-border real estate transaction. It is a deal which underlines the continued strength and attractiveness of prime logistics as an asset class, with the continued development and growth in sectors like e-commerce leading to an increase in occupier demand.”