Hogan Lovells has advised Powerhouse France, a new investment vehicle organised and managed by TwentyTwo Real Estate, on the acquisition of Financière SELEC from investment vehicles managed by LBO France and Deutsche Asset and Wealth Management’s real-estate investment business (formerly RREEF Real Estate).
Powerhouse France financed the acquisition with equity provided equally by Massena Partners and Farallon Capital Management.
Financière SELEC owns a portfolio of around 7,600 mainly single-family units with a value of circa €1bn (£850m) located across France and rented to EDF under a long-term master lease agreement.
In March 2013, prior to the acquisition, the portfolio was refinanced with a €620m five-year mortgage debt facility arranged by Natixis, 60 per cent of which was placed by BNP Paribas Corporate Finance with institutional investors through a securitisation vehicle.
Hogan Lovells and Godet Gaillard Solle Marraux (GGSM) were deal counsel to the investors on this transaction, with Xavier Doumen, Hogan Lovells corporate partner, and James Vaudoyer, GGSM tax partner.
In terms of the rest of the Hogan Lovells team: partner Stéphane Huten and associates Arnaud Deparday and Audrey Distler advised on the corporate aspects; partner Michel Quéré and associate Maria Klass advised on the financing aspects; counsel Bruno Knadjian and associate Virginie Aïdan advised on the tax aspects; and partner Corinne Knopp and associate Franck Jurquet advised on the real-estate aspects.