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Clifford Chance Badea, the local office of global law firm Clifford Chance, has advised French-based investment fund AEW in connection with the sale of its Romanian portfolio to the real estate investment division of Morgan Stanley in association with a group of Israeli investors highly active on the real estate market, represented by David Hay and, respectively, Indotek Group, one of the largest Hungarian investment groups.
The transaction included America House, a landmark A-class office building in Bucharest (acquired by Morgan Stanley together with the Israelian real estate investors), and the Promenada Mall Târgu Mureș (acquired by Indotek Group).
Owned by French-based financial group Natixis, AEW is one of the largest real estate investment managers in the world. It entered the Romanian market in 2007, through the acquisition of America House from Globe Trade Center and, a few months later, the acquisition of Promenada Mall Targu Mures from BelRom.
In recent years, Clifford Chance Badea has been advising AEW on several areas of practice, including financing projects, leases or mandates for litigation and insolvency cases.
The sell-side mandate was coordinated by a multidisciplinary team including Nadia Badea, partner and coordinator of the M&A practice, Andreea Șișman (counsel with the Banking & Finance practice), Mihai Măcelaru (counsel in the M&A practice), Radu Costin (M&A senior associate), Mădălina Mailat and Bogdan Micu (lawyers). The team provided assistance throughout the entire process, from the due diligence stage, to deal structuring, negotiating and drafting of the related documentation.
"It gives us great satisfaction to support one of our traditional global clients in concluding these two landmark transactions for the local real estate market,” said Mihai Măcelaru, counsel in the M&A practice of Clifford Chance Badea. "Given our diverse and long-term working background with AEW, we benefited from the transparent and professional collaboration of their internal teams, successfully covering all the complex issues that have arisen during the transactions."
"We continue to engage in the most high-profile deals on the market, this time being simultaneously involved in two transactions that brought at the negotiation table two financial giants and some of the most active regional real estate investors," adds Andreea Șișman, Banking & Finance counsel. "The financial aspects of the deal required in-depth understanding of the financing mechanisms used in such complex deals, as well as of the local potential and market reality, in order to identify the optimal financial solution for all parties involved."
Milestone Real Estate projects recently advised by Clifford Chance Badea include:
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Clifford Chance has been present in Romania since 2006 and operates now as Clifford Chance Badea. The Bucharest office is fully integrated in the global network and is frequently involved in complex transactions such as syndicated loans, project finance, restructurings, Eurobonds and shares issues on international capital markets, derivatives, companies' acquisitions by strategic investors or private equity funds, infrastructure and motorway projects, real estate investments etc., as well as domestic and international litigation and arbitration.
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For further details about Clifford Chance, please access www.cliffordchance.com.