Burges Salmon has acted for pan-European investment manager INTERNOS Global Investors on its appointment to provide fund advisory and asset management services to the Pillar Retail Europark Fund, a Luxembourg based closed-ended FCP backed by British Land and a selection of other institutional investors.
INTERNOS will take on fund management responsibilities for the £230 million fund, which has assets in Spain, France, Portugal and Italy.
The transaction was led by Burges Salmon's head of Real Estate Investment, Rick Read, and senior corporate associate Emma Payne. Emma had previously been on secondment at INTERNOS.
Commenting on the deal, Rick Read said: 'We were delighted to be appointed by INTERNOS to act for it on this transaction. It is a testament to our funds practice and the commitment of all involved that we were able to close a complex, multi-jurisdictional transaction within a challenging timescale. We look forward to working with INTERNOS again.'
Matthew Walker, head of Fund Management at INTERNOS, said: “We have been appointed with a clear mandate from British Land to undertake intensive asset management measures ahead of progressively selling as markets recover. We are very pleased to be selected by British Land and are grateful to the Burges Salmon team for its assistance and commitment in getting the deal over the line.'