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REAL ESTATE CAPITAL MARKETS

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REAL ESTATE CAPITAL MARKETS Powered By Docstoc
					Real estate Capital MaRkets
Jones Day’s Real Estate Capital Markets team is part       formation of real estate investment trusts (“REITs”) and
of the Firm’s leading Real Estate Practice, which con-     real estate private equity funds, public and private
sists of approximately 120 professionals resident in       offerings of debt and equity involving REITs and other
our U.S., European, and Asian offices. The Real Estate     real estate and hospitality companies, debt securitiza-
Capital Markets team represents a wide range of real       tions, mortgage loan conduit financings, credit lease
estate capital markets participants, including com-        and sale-leaseback financings, and real estate joint
mercial and investment banks, real estate opportunity      ventures. In executing real estate capital markets
funds, real estate investment trusts, real estate and      transactions, the team works closely with other Firm
hospitality companies, financial institutions and inves-   lawyers, including corporate finance, mergers and
tors, and mortgage loan conduit participants, in their     acquisitions, tax, ERISA, and environmental lawyers.
worldwide investment activities.
                                                           In addition to its significant U.S. and U.K. practices,
The Real Estate Capital Markets team provides legal        Jones Day has an active real estate practice in most
services relating to all aspects of real estate capital    of the countries in which it maintains offices outside
markets transactions, including the acquisition and        the U.S., and has significant cross-border real estate
disposition of properties and bulk loan and portfo-        acquisition and financing experience. The Firm has
lio sales, real estate mergers and acquisitions, the       been involved in major real estate transactions in
numerous countries including France, Italy, Germany, Brazil,     Debt SecuritizationS anD FinancingS
Sweden, Japan, Korea, China, and Taiwan.                         • REMICs and other forms of performing mortgage loan
                                                                   securitizations
Representative Real Estate Capital Markets clients include the   • Nonperforming mortgage loan and property securitizations
Morgan Stanley Real Estate Funds, the Westbrook Real Estate      • Loan purchase agreements and related documentation for
Funds, Rockpoint Group, Meyer Bergman, JPMorgan Chase,             mortgage loan conduit programs
Hansteen Holdings, Ashtenne Holdings, Simon Property Group,      • Origination, closing, and disposition of conduit mort-
CB Richard Ellis Investors, Orion Capital Managers, TriGate        gage loans
Capital, and LaSalle Investment Management.                      • Credit lease and sale-leaseback financings
                                                                 • Other forms of real estate asset-based structured financings


seRviCes                                                         bulk loan anD PortFolio SaleS
                                                                 • Acquisitions, dispositions, and financings of large real
The types of services provided by the Real Estate Capital
                                                                   estate and loan por tfolios from insurance compa-
Markets team include:
                                                                   nies, financial institutions, governmental agencies, and
real eState FunDS                                                  other owners
• Formation of real estate private equity funds
• Representation of pension funds, governmental retirement
  systems, and other institutional investors in connection       advantages of the teaM appRoaCh
  with investments in real estate private equity funds
                                                                 The combination of the specific focus and experience of
• Acquisitions, financings, and dispositions for real estate
                                                                 the Real Estate Capital Markets team and the worldwide
  private equity funds
                                                                 resources provided by Jones Day offers several advan-
• Subscription facilities and general partner working
                                                                 tages, including:
  capital facilities
                                                                 • One of the largest real estate practices of any major
                                                                   law firm
real eState comPanieS
                                                                 • Global experience with a broad range of large and com-
• Public and private offerings of debt and equity by real
                                                                   plex capital markets transactions
  estate and hospitality companies representing both
                                                                 • Leading market position in bulk loan and portfolio sales,
  issuers and underwriters
                                                                   real estate mergers and acquisitions, real estate funds,
• Mergers and acquisitions
                                                                   and nonperforming loan securitizations
• Acquisitions, financings, and dispositions of properties
                                                                 • Interdisciplinary approach through coordinated involve-
• Credit facilities
                                                                   ment of our real estate, corporate finance, mergers and
• Asset management and coordinated leasing programs
                                                                   acquisitions, tax, ERISA, and environmental lawyers, which
                                                                   results in thorough analysis and creative solutions to
reitS
                                                                   client problems
• Formation of public and private REITs
                                                                 • Offices in major money centers and many of the most
• Public and private offerings of debt and equity by REITs
                                                                   active real estate markets
  representing both issuers and underwriters
• Contributions of property interests to REITs
• Acquisitions and dispositions of properties by REITs
• Public and private debt financings for REITs                   pRaCtiCe highlights
• Credit facilities for REITs
                                                                 The Real Estate Capital Markets team has been involved in a
• Mergers and acquisitions
                                                                 number of high-profile transactions resulting from its repre-
• Asset management and coordinated leasing programs
                                                                 sentation of many of the most active participants in the real
                                                                 estate capital markets arena. Bloomberg has ranked Jones
Day No. 1 for number of M&A real estate deals worldwide            • Counsel to FE Property Finance Co. as issuer of 5 billion
every year since 2003. Representative transactions include:          yen of asset-backed bonds secured by trust beneficial
                                                                     interests in a loan secured against commercial real estate
real eState m&a
                                                                     in Japan
• Counsel to Hansteen Holdings in the €330 million acquisi-
  tion of a German portfolio
                                                                   bulk loan anD PortFolio SaleS
• Counsel to the Goldman Sachs Urban Investment Group in
                                                                   • Counsel to the Morgan Stanley International Real Estate
  the acquisition of one-third interest in the holding company
                                                                     Funds in three separate acquisitions from Korean Asset
  of McCormack Baron Salazar, a St. Louis-based developer
                                                                     Management Corp. of portfolios of nonperforming real
  of affordable urban housing
                                                                     estate loans in Korea exceeding 1,100 billion Korean won
• Counsel to Meyer Bergman in the purchase and related
                                                                   • Counsel for the Westbrook Real Estate Funds in the acqui-
  financing of a 50% stake in the Bentall Centre, one of
                                                                     sition of a portfolio of 20 retail, office, and industrial proper-
  London’s most high-profile shopping centers
                                                                     ties in the U.K.
• Counsel to Morgan Stanley Real Estate Funds in the
                                                                   • Counsel to The Blackstone Group in the $2.8 billion sale of
  $1.5 billion acquisition of The Town and Country Trust, a pub-
                                                                     22 office buildings in the Chicago area
  licly traded multifamily real estate investment trust
                                                                   • Counsel to the Morgan Stanley Domestic Real Estate
• Counsel to Morgan Stanley Realty in the $6.5 billion acquisi-
                                                                     Funds in the €918.5 million sale of five nonperforming loan
  tion of Crescent Real Estate Equities
                                                                     portfolios to a joint venture between Calyon SA and Pirelli
• Counsel to CalEast Industrial Investors, LLC, in its $3.4 bil-
                                                                     Real Estate
  lion acquisition of CenterPoint Properties Trust
                                                                   • Counsel to the Morgan Stanley International Real Estate
• Counsel to New Tribeca Limited in the $258 million stock-
                                                                     Funds in the sale-leaseback acquisition and financing
  for-stock merger with Tribeca Property Holdings Limited
                                                                     of a 56-office property portfolio in France from Electricité
• Counsel to the Morgan Stanley International Real Estate
                                                                     de France
  Funds in connection with the $8.6 billion acquisition of
                                                                   • Counsel to the Morgan Stanley Domestic Real Estate Funds
  Canary Wharf Group plc
                                                                     in the acquisition and financing of nine Adam’s Mark Hotels
• Counsel to GE Real Estate Investissement France in its
                                                                   • Counsel to a consortium of purchasers in the acquisition of
  €1.5 billion acquisition of Sophia SA, a French listed prop-
                                                                     a 5.6 million-square-foot industrial portfolio in Mexico from
  erty company
                                                                     G. Accion S.A. de C.V.

Debt SecuritizationS
                                                                   real eState FunDS
• Issuer’s counsel to Resurgence Korea One Securitization
                                                                   • Counsel to Orion Capital Managers in the formation of a
  Specialty LLC for a securitization of 5,400 Korean non-
                                                                     €1.28 billion pan-European real estate opportunity fund
  performing loans and REO assets through a public offer-
                                                                   • Counsel to Rockpoint Group in the formation of four global
  ing in Korea of pay-through notes in the amount of
                                                                     property funds, equaling a total of $4 billion
  174.94 billion won
                                                                   • Counsel to Market Street Capital Partners in the formation
• Counsel to International Credit Recovery (5) S.r.L. as the
                                                                     of a $650 million real estate investment fund
  issuer and counsel to the purchaser of subordinated notes
                                                                   • Counsel to IL&FS India Realty Fund II LLC in connection
  in connection with a ¤705 million securitization of Italian
                                                                     with a credit facility arranged by Deutsche Bank AG for the
  nonperforming loans
                                                                     purpose of providing financing for investments and working
• Counsel to Kayabacho Property Limited as issuer of
                                                                     capital
  2.03 billion yen of asset-backed bonds secured by trust
                                                                   • Counsel to Pillar Property in the formation of Pillar Retail
  beneficial interests in a loan secured against commercial
                                                                     Europark Fund
  real estate in Japan
                                                                   • Counsel to Louisiana Teachers’ Retirement System and
• Counsel to Zelkova Property Finance Inc. as issuer of
                                                                     Colorado Public Employees’ Retirement Association as
  10.4 billion yen of asset-backed bonds secured by trust
                                                                     major investors in connection with investments in real
  beneficial interests in a loan secured against commercial
                                                                     estate opportunity funds
  real estate in Japan
Joint VentureS
• Counsel to the Morgan Stanley Domestic Real Estate Funds
                                                                                     additional infoRMation
   in the joint venture formation with Jamestown Properties                          For additional information regarding our Real Estate Capital
   and Crescent Resources to acquire approximately 14,889                            Markets practice, please contact your principal Firm repre-
   acres of land located in Camden County, Georgia                                   sentative or one of the lawyers listed in this publication.
• Counsel to TriGate Capital LLC in the joint venture for-                           General email messages may be sent using our “Contact Us”
   mation and $23.4 million acquisition and financing of the                         form, which can be found at www.jonesday.com.
   Naperville Corporate Center in Naperville, Illinois
• Counsel to the Morgan Stanley Domestic Real Estate
   Fu n d s i n t h e j o i nt v e nt u re fo r m a t i o n w i t h Le n n a r
   Corporation to acquire and finance the $525 million acqui-
   sition of approximately 11,000 homesites in 32 communi-
   ties, located in eight states
• Counsel for CalEast Industrial Investors in connection with
   formation of a joint venture with Keystone Trust to acquire
   industrial properties in New Jersey




Lawyer ContaCts
ChiCago                                            New YoRk                          MiLaN                              TokYo
1.312.782.3939                                     1.212.326.3939                    39.02.7645.4001                    81.3.3433.3939
Robert C. Lee                                      kent R. Richey                    giovanni M. Marini                 Masatomo suzuki
rclee@jonesday.com                                 krrichey@jonesday.com             gmmarini@jonesday.com              msuzuki@jonesday.com


DaLLas                                             LoNDoN                            PaRis
1.214.220.3939                                     44.20.7039.5959                   33.1.56.59.39.39
David J. Lowery                                    David a. Roberts                  Jean-Louis Martin
djlowery@jonesday.com                              daroberts@jonesday.com            jlmartin@jonesday.com



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