SJL Jimenez Lunz advises Pradera on the acquisition of a EUR 900 million pan-European real estate portfolio of IKEA Centres.
SJL Jimenez Lunz has advised Pradera, one of Europe’s leading specialist retail property fund and asset managers, as Luxembourg counsel on the acquisition of 25 prime retail parks in eight European countries for EUR 900 million. The parks, each located beside an Ikea store, have been sold to the Pradera European Retail Parks SCSp fund which is backed by equity investments from private wealth partnership, LJ Partnership. LJ Partnership took a significant minority stake in the business in May 2016.
The portfolio of retail parks situated next to IKEA stores comprises around 500 units with a gross lettable area of around 538,000 sqm. Completion on 17 assets located in Germany, France and Poland is expected on 4 April 2017, with a further eight retail parks in Sweden, Finland, Denmark, the Czech Republic and Switzerland due to complete on 31 August.
Pradera is a market leading specialist fund and asset manager of shopping centres and retail parks in Europe and Asia. Founded in 1999, Pradera’s EUR 2.7 billion portfolio prior to this acquisition comprised 44 shopping centres and retail parks in the UK, Spain, Italy, Germany, Poland, the Czech Republic, Greece, Turkey and China with more than 2,500 stores.
SJL Jimenez Lunz advised on Luxembourg law aspects of the transaction.
Gleiss Lutz led the case and advised on German law as well as on the overall transaction and coordinated the work of the law firms involved, namely Accura (Denmark), Cederquist (Sweden), CMS Cameron McKenna (Poland and Czech Republic), Hannes Snellman (Finland), Michelez & Associés (France), Stephenson Harwood (France), Walder Wyss (Switzerland), Loyens & Loeff (Netherlands), Addleshaw Goddard (Great Britain).
The SJL Jimenez Lunz team was led by Michel Jimenez Lunz (managing Partner).
IKEA Centres was advised by Mannheimer Swartling (led by Tomas Johansson, Sweden) as well as other law firms in the relevant jurisdictions.