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Sovereign wealth fund restructures private REIT

March 2012

Client(s) Sovereign wealth fund

Jones Day represented a sovereign wealth fund in connection with the restructuring of a private REIT, the principal owners of which are the client and certain Tishman Speyer entities. The REIT owns 12 core properties in major metropolitan areas, including NY, Chicago, Seattle and San Francisco. Tishman formed a new joint venture with a Korean Pension Fund, which acquired the assets of an Australian listed property trust and, indirectly, Tishman’s interest in the REIT. In connection with that joint venture and acquisition, our client was able to renegotiate many aspects of its deal with Tishman, including getting very important additional tax benefits. The total deal is stated to be worth about $1.6 billion.

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