Stephen F.Walter

Of Counsel

London + 44.20.7039.5301

Stephen Walter's practice focuses on commercial property investment and development. He has extensive experience in the funding of property development and speculative funding agreements, joint ventures, partnerships and limited partnerships, retail warehouse schemes, and shopping centers.

Stephen's recent experience includes acting for a joint venture vehicle on the sale of a portfolio of Sainsbury's retail stores; CBRE Global Investment Partners in relation to the establishment of a joint venture and the acquisition of a portfolio of logistics properties from Prologis UK; Perella Weinberg on the acquisition and refurbishment of 1 Poultry, London W1 (mixed-office and retail); and a consortium of sponsors on the acquisition of 144 Travelodge Hotels. He also acted for Arlington Business Parks Partnership on the sale of business parks at Reading and Bracknell and the development of a health care facility at Hatfield Aerodrome Business Park.

Other clients he has represented include Bridgestone, British Land, Forest City, Highcross, LaSalle, LetterOne, LondonMetric, Oaktree, Pillarcaisse, Pillar Property Plc, and Roundshield.


  • Goldman sold iQ Student Accommodation dorms to Blackstone for £4.66 billionOn May 15, 2020, Jones Day clients Goldman Sachs Merchant Banking Division and the Wellcome Trust completed the sale of iQ Student Accommodation to Blackstone for £4.66 billion (US$5.73 billion), representing the largest ever private real estate transaction in the UK.
  • British Land exchanges on disposal of £429 million of Sainsbury's superstoresJones Day advised The British Land Company PLC ("BL") on the disposal of 12 superstores held by a joint venture between BL and J Sainsbury PLC to Realty Income Corporation, an entity listed on the NYSE, for aggregate consideration of £429 million (representing a net initial yield of 5.0%).
  • Independent financial services firm sells One Poultry in LondonJones Day advised an independent financial services firm subsidiary in its sale of a special purpose vehicle which owns One Poultry, London.
  • Hercules Unit Trust forms joint venture with M&G Real EstateJones Day advised Hercules Unit Trust in its simultaneous acquisition of the Fort Kinnaird retail park in Edinburgh by a new joint venture formed between Hercules Unit Trust (HUT) and M&G Real Estate and sale of the Gallagher retail park in Cheltenham to The Crown Estate.
  • CBRE GIP's European Co-Investment Fund acquires portfolio of assets from Prologis UKJones Day advised CBRE GIP's European Co-Investment Fund (a Dutch incorporated fund) in relation to the acquisition of a portfolio of 22 UK logistics assets (mix of development and stabilized assets) and circa 20 associated property holding companies and management companies, and the formation of an associated 85/15 joint venture with Prologis UK.
  • Arlington Business Parks exits from joint venture Park Business Centres Limited; terminates shareholders agreement; and enters into two new leasesJones Day assisted Arlington Business Parks Partnership in connection with its exit from 50 percent owned joint venture Park Business Centres Limited, along with the termination of the shareholders agreement, and the entry into two new leases in Bracknell and Manchester.
  • Goodman Real Estate Services completes sale of entire interest in Colworth Park Limited Partnership to Wrenbridge (Colworth Purchase) LimitedJones Day represented Goodman Real Estate Services (UK) Limited in connection with the sale, alongside Unilever U.K. Central Resources Limited, of their entire interest in Colworth Park Limited Partnership to Wrenbridge (Colworth Purchase) Limited, a special purpose vehicle wholly owned by Palmer Capital.
  • LondonMetric forms joint venture with LVS II Lux X S.a r.l. for £175 million acquisition of portfolio of 27 commercial propertiesJones Day advised LondonMetric Property Plc in connection with a joint venture with LVS II Lux X S.a r.l. for the £175 million (US$287 million) acquisition of a portfolio of 27 DFS commercial properties from the administrators of Delphi Properties Limited.
  • Arlington Business Parks sells all units in GUKBPF Reading (Jersey) Unit TrustJones Day advised Arlington Business Parks GP Limited in the £140 million (US$218 million) sale of all of the units in The GUKBPF Reading (Jersey) Unit Trust and related amendment of its £800 million securitized facility agreement.
  • Goodman International establishes joint venture to develop Harwell Science and Innovation CampusJones Day advised Goodman International Limited in connection with the establishment of a new 50/50 joint venture between Goodman International and the United Kingdom Atomic Energy Authority/Science and Technologies Facilities Council.
  • Arlington sells The Quays Business ParkJones Day assisted Arlington Business Parks GP Limited with the £31.3 million ($62.4 million) sale of The Quays Business Park, 101-105 Oxford Road, Uxbridge to RREEF Uxbridge Limited.
  • Goodman European Logistics Fund acquires Rosemound DevelopmentsJones Day advised Goodman European Logistics Fund, a fund that invests in high-quality warehouse and logistics properties in emerging distribution and logistics locations in Europe, in connection with its £336 million (AU$840 million/$672 million) acquisition of Rosemound Developments Limited, a company that operates as an industrial and distribution land developer in the United Kingdom, from Uberior Ventures Limited.
  • MG Coventry (Jersey) Limited acquires portion of a former Jaguar factoryJones Day assisted MG Coventry (Jersey) Limited with the £28.5 million acquisition of part of the former Jaguar factory site at Brown's Lane, Allesley, Coventry.
  • Arlington acquires and secures forward funding for Block A Magnetic Park, DesboroughJones Day assisted Arlington Securities Limited with the acquisition and forward funding of land on the north east side of Harborough Road, Desborough, for Goodman Desborough (Jersey) Limited.
  • Macquarie Goodman acquires Akeler Holdings for $1.2 billionJones Day advised Macquarie Goodman Management Limited in the £600 million (US$1.2 billion) acquisition, by its managed fund Arlington Business Parks Partnership, of Akeler Holdings S.A.
  • Macquarie Goodman Industrial Trust acquires portfolio of properties for $413 millionJones Day advised Macquarie Goodman Industrial Trust in its £179.9 million (US$431.8 million) acquisition of sixteen Guernsey companies that own a portfolio of eight office and logistics properties known as the Lighthouse Portfolio.