International law firm Clifford Chance has advised long standing client Prologis, the global leader in logistics real estate, on the acquisition of a diverse portfolio of 128 logistics facilities and six new developments from leading last-mile operator Crossbay for €1.585 billion across seven countries in Europe. The acquisition, on behalf of Prologis European Logistics Fund (PELF), will add 1.14 million square metres of urban space to Prologis’ European portfolio.
Ben Bannatyne, President of Prologis Europe commented: “This acquisition underscores our ongoing ability to provide our customers with quality urban logistics locations and opportunities beyond the real estate near highly populated areas that serve their growth needs. With the ongoing growth of ecommerce, locations near dense population centres are becoming increasing important to our customers.”
Our pan-European team was led by our London Real Estate Partner and Co-Head of the Global Real Estate Sector, Alis Pay, who commented: “We have worked for Prologis for many years and were delighted to advise the team on such a complex pan-European acquisition. Our team has strong capability in logistics and we are particularly known for our pan-European capability which meant we were able to field a team for each and every jurisdiction in the portfolio from within Clifford Chance providing Prologis with seamless and joined up advice and support. “
The pan-European team, led by Alis Pay, included colleagues in our London, Paris, Amsterdam, Frankfurt, Madrid, Milan, Warsaw, Brussels and Luxembourg offices. Due Diligence advice was co-led by Global Head of Real Estate, François Bonteil, and by partner and Head of the Real Estate practice in the Netherlands, Liesbeth Buiter. In London the team included Senior Associates Matthew Thomson and Ben Redding, and Associates Zain Farook and Lena McCrae. Real Estate Tax advice was provided by partner and Head of UK Real Estate Tax David Saleh and Senior Associate Ed Page. In Paris the team included Counsel David Gerard and in Amsterdam included Associates Gulsah Vural, Johanneke Butijn and Dolyne Munyampeta.
