Linklaters has advised BAE Systems Pension Funds on a long-term real estate equity partnership with Korian, Europe’s leading care services group for elderly and fragile people, in December 2021. The agreement involves several funds from BAE Systems Pension Funds, which will be managed by Elevation, an asset manager specialising in healthcare real estate.
BAE Systems Pension Funds has invested approximately €100M in a portfolio of 23 long-term care and healthcare properties managed by Korian and located in France, Germany and Spain. This partnership includes a greenfield project and four assets to be redeveloped. The gross value of the portfolio including greenfield projects and redevelopment sites is approximatively €320M with a net equity value of approximatively €200M.
The Linklaters Paris team was led by Real Estate partner Françoise Maigrot, with associates Saadoun Alioua and Camille Lapeyre Sabatie de Chavardes, Mainstream Corporate managing associate Benjamin Prévost, Public Law partner Pierre Guillot and managing associate Pierre Sikorav, and Antitrust and Foreign Investment associate Thomas Elkins. Linklaters’ offices in Germany, Madrid and London were also involved.
Korian was advised by Herbert Smith Freehills.
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