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Allen & Overy advises Mapletree’s acquisition of 141 logistics assets totaling $3 billion

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Adam Sofen

Partner

New York

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01 November 2021

Allen & Overy (“A&O”) announced it advised Mapletree Investments Pte Ltd (“Mapletree”) on its acquisition of two portfolios of logistics assets in the United States comprising 141 high-quality, income-producing assets for a total investment value of approximately US$3 billion.

Led by Adam Sofen, a New York-based partner, A&O’s U.S. real estate practice group acted as buyer’s counsel for both phases of the acquisition. The first portfolio acquisition occurred in July 2021 and comprised 24 assets totaling 6.1 million square feet (“sq ft”) or net lettable area (“NLA”) in Dallas, Memphis, Greater Chicago, Central Florida and Boston. This portfolio represents an occupancy of 98.9%  and has a weighted average lease to expiry (“WALE”) of 3.3 years. 

The second acquisition occurred in September 2021 and totaled 117 assets spanning 22.3 million sq ft of NLA across Greater Chicago, the Carolinas, Memphis, Houston, Washington D.C. and Baltimore. The second portfolio is 94.1% occupied and has a WALE of 4.1 years.

“The Allen & Overy team leveraged its unique real estate experience to successfully close both portfolios following several months of coordination and strategic guidance,” Sofen said. “It was an honor to work with the Mapletree team on these monumental deals and we look forward to continuing to serve clients on similarly impactful and large acquisition projects.”

Well located in core logistics hubs, these assets are strategically situated along key transportation nodes, providing excellent connectivity to highways, air and sea ports and close proximity to large population catchments. The portfolios’ well-diversified tenant base includes companies in third-party logistics, consumer goods, wholesale and e-commerce sectors, among others.  

Allen & Overy’s U.S. real estate practice consists of seasoned professionals with globally scalable expertise across all layers of the real estate market, including development and planning, projects and construction, large loan, mezzanine, A/B and preferred equity origination, loan workouts, NPL pool acquisitions, distressed debt acquisition (including loan-to-own strategies), investment, corporate occupation, tax, finance, securitization, real estate investment fund formation, structuring and joint ventures, and complex real estate mergers and acquisitions, among others. 

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