Irwin Mitchell and Salans guide Blackstone’s Turkish property debut

Irwin Mitchell and Salans took roles advising on Blackstone Group’s first real estate investment in Turkey, where it has acquired a €200m (£160.8m) portfolio from Dutch property company Redevco.

Eric Rosedale
Eric Rosedale

Redevco’s Turkey portfolio comprises three shopping centres across Ankara, Erzurum and Manisa, which total around 105,000 sq ft of retail space. Redevco’s management team in Turkey will also transfer to Blackstone as part of the circa-€200m deal.

The sale is part of Redevco’s plan to to pull out of emerging markets and concentrate on key jurisdictions across Europe. Financing for the acquisition was arranged by Unicredit Bank Austria, which instructed Clifford Chance Bucharest partner Perry Zizzi and senior associate Kevin-Paul Deveau.

Irwin Mitchell advised Redevco, marking what the firm says is its first international property deal. Real estate partner Jo Footitt led for Irwin Mitchell and worked alongside corporate partner Edward Persse.

Pekin & Bayer advised Redevco as local counsel in Turkey, with Murat Aygun and Berk Batur acting. Pekin & Bayer was chosen directly by Redevco.

Salans advised Blackstone, with its Turkish partner firm BASEAK handling the local aspects. Salans real estate co-chair Eric Rosedale co-ordinated the deal, with Bucharest and Prague-based partner Chris Berlew handling the international parts.

Real estate head Barlas Balcioglu advised within the BASEAK team.

Simpson Thacher & Bartlett partner Stephen Short and associate Tom Lloyd advised Blackstone on financing issues.

Background to this deal:

Irwin Mitchell won its role on the deal through department head Jon Vivian’s relationship with Redevco. Vivian has advised Redevco for some twelve years, including on the letting of an Oxford Street building to Primark that was later sold to the Reuben Brothers for around £140m in 2006. The client followed him from SJ Berwin to Irwin Mitchell when he switched in 2010 (27 September 2010).

Salans’ Rosedale is the global relationship partner for Blackstone. He said the firm usually pitches for work it receives from the investor.