London Real Estate Experts Support Shopping Centre Deal
Leading national law firm Irwin Mitchell has advised property company Redevco on the sale of its entire Turkish portfolio and management platform to affiliates of the Blackstone Group.
The sale concerns three shopping centres: the 53,000 sq.m. Gordion Shopping Centre in Ankara, the 33,000 sq.m. Erzurum Shopping Centre in Erzurum and the 19,000 sq.m. Magnesia Shopping Centre in Manisa. In addition Redevco’s Management team in Turkey will transfer to Blackstone. The total value of the deal is around €200 Million.
These disposals are in line with Redevco’s strategy of concentrating its activities on its key markets in Europe and ceasing its full development operations in emerging markets. The revenue from these divestments will be used to acquire and redevelop in its key markets of Belgium, Central Europe, France, Germany, Spain/Portugal, Switzerland, The Netherlands and the UK, in addition to managing the existing portfolio to enhance value.
The Irwin Mitchell team advising Redevco was led by Real Estate partner Jo Footitt, working with Corporate partner Edward Persse. They were assisted by Real Estate associate John Arey. Murat Aygun and Berk Batur of Pekin and Bayer acted as local counsel for Redevco.
Real Estate partner Chris Berlew, Eric Rosedale and Kate O’Neill of Salans advised Blackstone, with Barlas Balcioglu of Salans affiliate Baseak acting locally.
This is the first international deal for the Irwin Mitchell real estate team in London since its partners joined from SJ Berwin 20 months ago. The deal illustrates the success of working with Irwin Mitchell’s corporate team enabling the firm to deal with complex international corporate real estate transactions.