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REITs

Simpson Thacher advises public companies, private equity firms, financing sources, underwriters and other industry participants on all aspects of REIT transactions. With deep experience across the REIT industry, our sophisticated practice includes M&A, investment and joint venture transactions, capital markets and other financings, REIT compliance and other tax advice, fund formation, corporate governance advice, and other corporate matters.

We have represented clients in landmark REIT transactions, including Blackstone’s $39 billion acquisition of Equity Office Properties (the largest REIT M&A transaction in history) and the $1.8 billion initial public offering of Invitation Homes (the second largest REIT IPO in U.S. history). During the first six months of 2018, we have represented Blackstone affiliates in connection with four multi-billion dollar acquisitions of public REITs, including the $7.6 billion acquisition of Gramercy Property Trust (the largest REIT buyout of the year) and the $4.8 billion acquisition of LaSalle Hotel Properties (which is subject to a competing bid from another REIT).

$125bn
Advised on 40 M&A
involving REITs valued at
over $125 billion
(aggregate) since 2013
(Thomson Reuters)
50+
Advised on 50+ REIT
offerings valued at
over $20 billion
(aggregate) since 2013
(Thomson Reuters)
“The real estate team has a very deep bench of talent. They are extremely client service oriented and our go-to firm for our largest, most complex situations.”
Chambers USA 2018, Nationwide
(quoting a client)

We have been involved in the following high-profile transactions:

REITs_Buttons_160x160_2017_MA
  • $39 billion acquisition of Equity Office Properties
  • $26 billion sale of GGP to Brookfield
  • $20 billion Invitation Homes/Starwood Waypoint Homes merger-of-equals
  • $8 billion acquisition of BioMed Realty Trust
  • $7.6 billion acquisition of Gramercy Property Trust 
  • $6.5 billion sale of 25% of Hilton, Park Hotels & Resorts and Hilton Grand Vacations to HNA
  • $6 billion acquisition of Strategic Hotels and subsequent sale to Anbang Insurance Group
  • $4.8 billion acquisition of LaSalle Hotel Properties
  • $4.3 billion acquisition of Glimcher Realty Trust by Washington Prime
  • C$3.8 billion acquisition of Pure Industrial Real Estate Trust 
  • $1.95 billion acquisition of La Quinta’s hotel franchise and hotel management businesses by Wyndham Worldwide
  • $1.68 billion sale of Carefree Communities 
  • $1.1 billion acquisition of Second Spring Healthcare Investment’s properties 
  • $825 million sale of Sentio Healthcare Properties to Kayne Anderson Real Estate Advisors
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REITs_Buttons_160x160_2017_Capital Markets
  • $1.8 billion IPO of Invitation Homes
  • La Quinta’s spin-off of its real estate business into a publicly traded REIT, CorePoint Lodging Inc.
  • $660 million “Re-IPO” of Blackstone Mortgage Trust and more than $2 billion in follow-on equity and convertible notes offerings
  • $2.9 billion IPO of Daiwa House REIT Investment Corporation
  • $949 million IPO of Brixmor Property Group and secondary offerings totaling more than $6 billion 
  • $242 million IPO of KKR Real Estate Finance Trust 
  • Hilton’s spin-off of Park Hotels & Resorts
  • Continuous public offering of Blackstone Real Estate Income Trust, a public non-traded REIT, which has raised over $3 billion to date
  • $909 million IPO of FIBRA Macquarie México and follow-on offerings of real estate trust certificates and senior notes
  • $900 million IPO of AEON REIT Investment Corporation and follow-on offering 
  • Offerings by Nippon Prologis REIT
  • iStar Financial’s multiple debt and equity offerings 
  • Sales of shares of Extended Stay, Hudson Pacific Properties and Park Hotels & Resorts totaling more than $5 billion
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