Burges Salmon has advised Falcon Property Trust on its amalgamation with Legal & General's IPIF Fund.
The deal sees Legal & General's IPIF Fund purchase Falcon's units for a mixture of cash and units in IPIF for a value in excess of £100 million. All 36 properties in Falcon Property Trust will now form part of the IPIF portfolio.
The Burges Salmon team was led by head of the firm's Real Estate Investment practice group, Rick Read, with assistance from senior associate Emma Payne.
Commenting on the deal, Rick Read said: 'We are delighted to have advised the Board of Falcon Property Trust on this deal. A true merger of property funds isn’t something that happens very often, so it has been fantastic to be involved in it and work through all of the corporate and property complexities that it has presented.'
Emma Payne added: “This was an exciting project to be involved in and demonstrates our strengths in the unregulated real estate funds sector. As the circumstances of the merger were unique, we worked closely with Falcon’s managers and Legal & General’s advisers to find innovative solutions to the various issues that arose during the course of the transaction.”
Falcon's Patrick Plant, said: 'The Falcon Board is very pleased to have reached successful completion of this challenging transaction for the benefit of Falcon’s unit holders. The team at Burges Salmon played a big part in our achieving this.”