Advising APG on £396m disposal to Grainger

20 Dec 2018

International law firm Simmons & Simmons has advised APG on the sale of its 75% interest in GRIP (the residential property joint venture between Grainger and APG) to Grainger for £396m.

APG is Europe's second largest pension fund asset manager with €470bn of assets under management (as at 31 December 2017). Grainger is the UK's largest listed residential landlord.

Simmons & Simmons had previously advised APG on various transactions in relation to the joint venture, including the original acquisition in 2013 and its conversion to a REIT structure in 2016.

The Simmons & Simmons team was led by corporate partner Gideon Sharp, assisted by Tom Fricke (Corporate), Nick Cronkshaw and Laura Allwright (Tax) and Helen Hagan and Matt Fielding (Banking)

Commenting on the transaction, corporate partner Gideon Sharp said: "It was a pleasure to work once again with the APG team on this landmark deal, and we are proud to have helped APG deliver upon its strategic objectives. The fact that we were able to help APG reach this successful conclusion is testament to the firm’s strength in understanding clients’ objectives and combining specialist expertise from across our practice to help clients achieve their goals.”

Also commenting on the transaction, Joost Rietveld (Senior Legal Counsel, APG) said: “The APG team has been working together with the Simmons & Simmons team on GRIP since the very start of this venture. Simmons has been our trusted advisor since the acquisition of GRIP, guiding us through the REIT conversion and now finally concluding our investment with the disposition. We thoroughly enjoyed working with the Simmons & Simmons team during this period. This transaction highlights the depth of their corporate, real estate and tax practices and is testament to the strong long-standing relationship that we have with this firm.”

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