Hogan Lovells Advises BlackRock on Major Property Funds Merger
19 December 2012
LONDON, 19 November 2012 - Hogan Lovells advised BlackRock on the merger of its flagship core UK property fund - BlackRock UK Property Fund (BUKPF) - with three UK sector-specific property funds of Deutsche Bank’s RREEF, creating the largest property unit trust in the UK. The transaction completed on Friday 14 December 2012 and was announced on Tuesday 18 December.
The £2.1 billion BUKPF will grow to £2.4 billion following the acquisition from RREEF through the merger of 27 UK commercial property investments valued at over £335 million. The merger will increase the fund's holdings of central London and South East offices, retail warehouses and South East industrial property, and its client base by 64 investors.
The Hogan Lovells team advising BlackRock was led by London investment funds partners James McDonald and Nicholas Holman and senior associate Sian Owles, with real estate partner John Condliffe and associate Matt D'Arcy, and tax partner Kevin Ashman and associates Matthew Legg and Emily McCarthy.
Commenting on the transaction, James said:
"We are pleased to have successfully advised BlackRock on this landmark merger within the UK property funds industry, bringing together two of the most well-known names in the sector with mutual benefits."