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Nabarro advises on new UK and European co-investment vehicles

28 July 2010

Nabarro has advised Goodman Industrial Trust (part of the Goodman Group) on the establishment of two new co-investment vehicles with CB Richard Ellis Realty Trust (a US REIT), one focusing on the UK, the other on Europe.

The UK vehicle has a target size of £400 million, including the acquisition on closing of two UK assets from Goodman for £22.4 million. The Europe-based vehicle will target €400 million, with the focus on core western European markets of Germany, France and the Benelux states. The European vehicle acquired €45.1 million of German development assets on closing.

Goodman will provide asset management, development and property services to the co-investment vehicles.

The Nabarro team was lead by Amanda Howard and Darren Stolzenberg and included Matthew Nortcliff and Claire Bedingham (Funds and Indirect Real Estate), Rob Raimes and Nicola Hughes (Real Estate), Simon Rose, Philip Anderson and Julia Cockroft (Tax).

Nabarro project managed advice to Goodman by GSK Stockmann & Kollegen (Germany), Oostvogels Pfister & Feyten (Luxembourg) and Ogier (Jersey). CBRE RT was advised by K&L Gates (UK and Germany) and Clifford Chance (Tax, US and Luxembourg).

Commenting on the deal, Amanda Howard, partner at Nabarro said: "This was the first major corporate deal we have done for Goodman, building on the property work we have been doing for them. It was a great opportunity to demonstrate our European approach and work with our partner firms in Germany, Luxembourg and Jersey".

For more information please contact

Amanda Howard
Partner, Nabarro LLP
a.howard@nabarro.com or 020 7524 6342

or

Jemma Parry
Lansons Communications
Jemmap@lansons.com or 020 7566 9706