Legal Business

Taylor Wessing and Macfarlanes advise on £350m RBS credit facility deal

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Finance MacfarlanesTaylor WessingThe Royal Bank of Scotland
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Anglo-German firm Taylor Wessing and City-firm Macfarlanes have both landed leading roles on a major refinancing deal as the real estate market continues to see an upturn.

Taylor Wessing advised a syndicate of lenders including the Royal Bank of Scotland, Wells Fargo and Legal & General Pensions in their capacity as agent and arranger for the refinancing of a portfolio of over 160 multi-let industrial properties in England, Wales and Scotland, worth a gross value of over £1bn. Macfarlanes advised the owner of the portfolio, the Industrial Property Investment Fund, an investment fund managed by Legal & General.

Leading the deal for Taylor Wessing was finance partner Ross Caldwell with others involved including the firm’s head of finance Rodney Dukes, real estate partner Raman Sharma, and tax partner Richard Carson.

Macfarlanes’ debt finance transactions partner Jat Bains advised the Legal & General-managed Industrial Property Investment Fund.

Commenting on increased activity in real estate, Taylor Wessing’s Caldwell said: ‘This transaction reflects the current state of the real estate finance market in which we are seeing a marked upturn in the number and size of deals, including the industrial property sector. We look forward to continuing to represent our clients in this thriving and dynamic market.’

The new debt facilities refinanced existing £210m facilities that are due to expire in September next year and also comprised an additional term loan of £65m as well as a revolving facility working capital line of £75m.

Arranged over a six-year term, the £350m facilities support the Industrial Property Investment Fund through its recently extended life-span and provide it with ‘significantly increased firepower with which to seek attractive market investment opportunities’.

Sarah.downey@legalease.co.uk

Legal Business

Taylor Wessing launches US rep offices in Palo Alto and New York

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US firms Taylor Wessing
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Taylor Wessing on 23 June announced the opening of two representative offices in the US to facilitate access to its European network. Located in tech-focused Palo Alto and New York, both offices are set to open in September this year.

The top 20 firm will not be practising US law, but instead plans to use its new US bases to push out work to its international network across Europe, CEE and Asia.

Legal Business

Taylor Wessing launches US rep offices in Palo Alto and New York

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US firms Taylor Wessing
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Taylor Wessing has today (23 June) announced the opening of two representative offices in the US to facilitate access to its European network. Located in tech-focused Palo Alto and New York, both offices are set to open in September this year.

The top 20 firm will not be practising US law but instead plans to use its new US bases to ‘support US clients’ international growth’ from its European, CEE and Asian offices.

Corporate technology partner Mike Turner will head the New York office and divide his time between Manhattan and London, with support from a team of lawyers from Taylor Wessing’s international network. Corporate technology partner Mark Barron, who is currently based in London, will help lead the venture alongside Frankfurt-based technology and data protection partner Kai Westerwelle and corporate technology associate Dennis Tan, who is currently based in Singapore. They will focus on providing ‘on-the-ground access’ to the firm’s lawyers in Europe, the Middle East and Asia.

Barron said: ‘European expansion has long been a part of the growth strategy for successful US businesses, and now we are seeing a growing triangulation between the US, Europe – notably London, Berlin and Paris – and Singapore for tech innovation and investment in particular, with Singapore attracting an increasing level of US investment, especially from businesses on the West Coast. In addition, US businesses have undertaken considerable investment into the CEE region.’

Westerwelle added: ‘With the opening of our new representative offices in Palo Alto and New York we fulfil the increasing need of US companies for competent on-site advice with respect to their target markets in Europe, CEE, and Asia. Furthermore, we support international clients in realising their US strategies. Thus, after the successful expansions in Europe and Asia, this step into the USA is another milestone in the internationalisation of Taylor Wessing.’

The news comes just weeks after the Anglo-German firm announced it was establishing a presence in South Korea via an association with local full service firm DR & AJU International Law Group.

sarah.downey@legalease.co.uk

Legal Business

Taylor Wessing promotes City trio in 12-strong partnership round

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Partnership promotions Taylor Wessing
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Taylor Wessing has unveiled its 2013/14 partner promotions, with three associates making the cut in London and a further nine across its European offices, marking a 25% drop on its promotion round last year.

The all-male promotion line-up falls across the top 100 firm’s finance, real estate, corporate technology, employment & pensions, corporate and China groups, boosting its partnership ranks outside London in Berlin (2), Munich (2), Dusseldorf (1), Hamburg (2), and Warsaw (2).

It marks a 25% drop from last year when 16 associates made the grade, although it is a significant improvement on 2012 levels, when the firm promoted just six across its UK and German arms. The latest promotions take the number of partners worldwide at the firm to 400.

UK managing partner Tim Eyles (pictured) said: ‘As associates these individuals have proved themselves to be great lawyers with a real instinct for business. I’m sure they will continue to be a real asset to their clients and to Taylor Wessing, as they bring their different qualities to the partnership during an exciting period of international growth.’

Others to announce lower promotion rounds in recent weeks include Travers Smith, which in mid-May revealed it made up two to partner, the lowest number in three years while Trowers & Hamlins, Nabarro and Berwin Leighton Paisner have all promoted fewer senior associates than last year.

sarah.downey@legalease.co.uk

2014 promotions in full:

Amar Ali, finance, London

Johannes Callet, real estate, Berlin

Andrew Davis, corporate technology, London

Mike Goldammer, China group, Munich

Dennis Lüers, employment & pensions, Munich

Guido Norman Motz, employment & pensions, Dusseldorf

Norman Rochert, capital markets, Berlin

Alexander Rodion Roth, M&A, Hamburg

Phil Shepherd, corporate technology, London

Krystian Stanasiuk, employment & pensions, Warsaw

Jens Wiesner, finance, Hamburg

Sylwester Zydowicz, real estate, Warsaw

Legal Business

Asia-Pacific: Taylor Wessing launches in South Korea with local tie-up

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Asia Taylor Wessing
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Taylor Wessing last month became the latest international firm to set up in South Korea, establishing an association with local full-service firm DR & AJU International Law Group.

Founded in 1994 and one of the region’s ten largest law firms, DR & AJU will add 120 lawyers, including 18 partners, to Taylor Wessing’s international reach. The Seoul-headquartered firm also provides offices across Russia, Kazakhstan and Singapore, and services in M&A, litigation and various corporate matters.

Legal Business

Financial results 2013/14: Taylor Wessing’s PEP up 21% alongside 7.4% increase in UK revenue

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Financial results 2013/14 Taylor Wessing
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Taylor Wessing yesterday (2 June) became one of the earlier UK movers in disclosing its financial results for the 2013/14 year, posting a 21% rise in profit per equity partner to £657,000 alongside an increase in UK and global revenues of 7.4% and 6.4% respectively.

With the Anglo-German firm’s UK revenue hitting £112m and its international income now standing at £241.2m, the firm attributed the boost to an uplift in work from clients based in the Middle East, Asia and the US, while in terms of practice area litigation was singled out as a key driver. The top 20 firm also credited an improvement in its broader deal flow for better performances across finance, real estate and corporate.

The results mark an upward trajectory for the firm, building on last year’s revenue increase of 7% to £228m and constituting a 23% increase since 2008. The results also follow a period of international expansion including tie-ups in Indonesia and South Korea, where last month it formed an association with local firm DR & AJU.

On the results, UK managing partner Tim Eyles said: ‘The past 12 months have been an exciting time for Taylor Wessing, as we’ve continued to expand our international platform and strengthen our offering to the high growth industries of TMC, life sciences, energy and private wealth. Over the course of the coming year, we will continue to vigorously pursue our growth strategy.’

Sarah.downey@legalease.co.uk

Legal Business

Asia-Pacific: Taylor Wessing launches in South Korea with local tie-up

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Asia Taylor Wessing
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Taylor Wessing has become the latest of in a procession of international firms to set up in South Korea, establishing an association with South Korean full service firm DR & AJU International Law Group.

Founded in 1994 and one of the region’s ten largest law firms, DR & AJU will add 120 lawyers, including 18 partners, to Taylor Wessing’s international reach. The Seoul-headquartered firm also provides offices across Russia, Kazakhstan and Singapore and provides services in M&A, litigation, and various corporate matters.

Taylor Wessing UK managing partner Tim Eyles said: ‘Asia as a whole is one of the world’s most dynamic regions, and Korea is an increasingly important jurisdiction with a mature economy that is only going to grow. It has a global reputation for being at the forefront of thriving sectors such as technology and knowledge-based industries, which align with our own focus on the industries of tomorrow.

‘DR & AJU International Law Group is a leading law firm with an excellent track record, and the addition of this new office will enable us to provide a seamless service to clients with interests in Asia.’

Taylor Wessing’s ongoing bid to increase regional growth in the Asian market has intensified since last summer, when the 1,000-lawyer firm announced its Singapore office – known locally as RHT Law Taylor Wessing – would spearhead a regional network through the forming of alliances with local firms across the ASEAN region. The objective was to offer clients access to more than 950 legal professionals across 23 offices in the EMEA jurisdiction.

The plans began to bear fruit through an exclusive tie-up with PBC Partners in Vietnam in February, which currently has offices in Ho Chi Minh City and Hanoi. The arrangement gave RHTLaw access to 22 legal professionals in the region.

Taylor Wessing also established its presence in Jakarta in October via a co-operation agreement with local law firm Hanafiah Ponggawa & Partners (HPRP); a first-tier Legal 500 firm in real estate and second-tier in restructuring and insolvency. The firm had been a close partner of RHTLaw Taylor Wessing in Singapore for over two years.

The firm’s latest venture follows that of Bird & Bird, which enhanced its global footprint with a co-operation agreement with South Korean firm Hwang Mok Park in late February.

Other firms to launch in South Korea in recent years include Linklaters, Clifford Chance, Cleary Gottlieb Steen & Hamilton and Simpson Thacher & Bartlett.

sarah.downey@legalease.co.uk

Legal Business

Taylor Wessing City duo leave to head legal at client OB10 and boost construction at Wedlake Bell

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Strategic recruitment Taylor WessingWedlake Bell
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Taylor Wessing has lost two senior London partners as UK telecoms head Patrick Clark moves to head the legal team at one of the firm’s clients, City-headquartered global e-invoicing network OB10, and longstanding construction heavyweight Helen Garthwaite joins LB100 firm Wedlake Bell.

Clark returns in-house after nearly four years at the top 20 firm, having previously spent time as lead corporate counsel for North Europe at French global telecoms equipment company Alcatel-Lucent between 2005 and 2010. Before that he worked as a senior associate at Taylor Wessing from 1996 to 2005.

He becomes head of legal at global business-to-business e-invoicing network OB10, which was bought by Tungsten Corporation for £100m in October last year, in a deal led for OB10 by Taylor Wessing corporate partners William Belcher and David Mardle.

Elsewhere, Garthwaite has been a partner at Taylor Wessing for nearly 13 years and led the firm’s UK construction & engineering group for six of those. Acknowledged by the Legal 500 as an individual who ‘pays remarkable attention to detail’, Garthwaite’s clients have included Heron International, on City of London developments including Heron Plaza and Milton Court. Between 1996 and 2001, Garthwaite was head of construction and engineering at Lewis Silkin before her move to Taylor Wessing.

Wedlake Bell managing partner, Martin Arnold said: ‘Helen brings with her a wealth of experience and is an acknowledged expert within the legal profession and her industry sector. We are fortunate to have someone so experienced and well-regarded joining our successful construction team.’

Garthwaite is the latest in a series of punch-above-weight hires for the top 100 UK firm Wedlake Bell, after Berwin Leighton Paisner acquisition finance partner Marcus Jamson joined earlier this year. Last April also saw Dundas & Wilson M&A partner Julian Mathews join the 108-lawyer firm’s corporate team alongside Jai Bal from Farrer & Co, and in August 2013 it hired Squire Sanders’ partner Kris Weber to its pensions & employee benefits team. Last December Pinsent Masons commercial property partner Suzanne Gill joined the firm.

The firm enjoyed a 21% increase in revenues in the last financial year to £26.9m after the firm’s merger with fellow London firm Cumberland Ellis in February 2012. That merger saw the combined practice post a 131% rise in profit per equity partner at the end of the last financial year to £319,000, up from £138,000 at the end of 2011/12.

Meanwhile, other senior departures from Taylor Wessing in recent months include former head of international insurance & reinsurance James Crabtree, who joined Amlaw 100 firm Edwards Wildman’s London office in January, while private equity and investment funds partner Tom Cartwright joined Morgan Lewis & Bockius’ London business and finance practice that same month.

Sarah.downey@legalease.co.uk

Legal Business

Taylor Wessing fills German head of private equity slot with Skadden hire as Bird & Bird bolsters Frankfurt

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Germany Bird & BirdSkadden, Arps, Slate, Meagher & FlomTaylor Wessing
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Taylor Wessing has hired Skadden, Arps, Slate, Meagher & Flom M&A partner Walter Henle to fill the role of German private equity head. The hire comes as separately, former Skadden Arps partner Peter Veranneman joins Bird & Bird’s Frankfurt and Dusseldorf offices from German bond company DGVA(Deutsche Gesellschaft zur Vertretung von Anleihegläubigern), where he was managing director in Cologne.

Henle will be based in Munich but work alongside M&A partners Michael Stein and Christian Kleeberg in Frankfurt. He is known for his work in the leveraged buyout space and previously represented Apax Partners in the €920m sale of its majority stake in IFCO Systems, and Allianz Capital Partners GmbH on the Fairchild Dornier investment.

Veranneman, meanwhile, focuses on capital markets and corporate law as well as public and private M&A. His experience includes advising UCB on its combined cash/equity takeover offer for Schwarz Pharma, and representing Continental on the sale of its electric motor business to Brose.

Both Veranneman and Henle joined Skadden Arps’ Munich office from Baker & McKenzie in 2004 when the firm first launched in the region. Veranneman left Skadden Arps in 2010.

Bird & Bird German managing partner and international corporate group head Alexander Schröder- Frerkes said: ‘We are delighted to welcome Peter to our team. His excellent reputation and extensive experience in advising public-listed companies on a variety of large transactions make him an excellent addition to our practice.’

jaishree.kalia@legalease.co.uk

Legal Business

Deals: CC, Taylor Wessing and Ashurst act on infra and real estate deals

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Corporate AshurstClifford ChanceTaylor Wessing
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Advisers benefit as investors target industrial assets

The shift towards global industrial real estate portfolios as an asset class last month saw Clifford Chance (CC) advise newly-formed SEGRO European Logistics Partnership (SELP) on its €472m acquisition of a portfolio of prime development land in Germany, Poland and France from funds managed by Tristan Capital Partners.

The CC team leading the deal included global head of real estate Adrian Levy, alongside London real estate partner Mark Payne and fellow City-based head of real estate tax David Saleh.