IN A MASSIVE international deal, Skadden is advising real estate companies Gazit-Globe and CPI Capital Partners Europe LP on the acquisition of a majority stake in Meinl European Land Ltd.
The deal worth approximately 800 million euros ($1.4 billion) is highly complex due to the international jurisdictions it crosses. Gazit-Globe, a multinational real estate investment company is listed on the Tel Aviv Stock Exchange while Meinl is a Central and Eastern European-focused property owner and developer. With some Austrian aspects, the deal also includes a subscription for 500 million euros ($862 million) of convertible securities as well as a 300 million-euro ($516 million) rights issue to Meinl certificate holders to be underwritten by CPI and Gazit.
Lawyers from Skadden’s London, New York, Vienna, Frankfurt and Moscow offices are advising on the deal. Lead partners included David Fox from New York, Michael Hatchard in London alongside partners Rainer Wachter from Vienna and Tim Sanders, tax partner in London.
Freshfields Bruckhaus Deringer meanwhile is advising Meinl on the deal while Linklaters is also involved — advising Citi Property Investors who look after the real estate fund, CPI Capital Partners Europe LP on their share of the deal.