Law Firms

Clifford Chance

Pinsents leads on £300m Wal-Mart sale

Author: Emma Sadowski

Published: 19/06/2008 02:34

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Pinsent Masons has bagged a lead role opposite Linklaters on the £300m sale of Wal-Mart and Asda-owned property company Gazeley to a Dubai Government investment vehicle.

The national law firm has advised clients Wal-Mart and Asda on the deal, which saw Dubai World company Economic Zones World (EZW) pay around £300m to pick up warehouse producer Gazeley.

Pinsents corporate chief Martin Shaw led the firm’s team, which also included corporate partner Catherine Hemsworth and partners
Tom Johnson and Kevin Boa (both property) and Philip Titchmarsh (employment). Johnson told Legal Week: “Given the scale and reach of Gazeley’s operations across the UK, mainland Europe and China, this was a complex transaction. It was satisfying to see this transaction through to successful exchange at a time of some uncertainty in the UK property market.”

EZW turned to Linklaters, with corporate partner Robert Cleaver and real estate partner Andrew Bruce leading.

Dubai World has used several firms in the past including Clifford Chance and Linklaters, with Linklaters previously acting on deals including the £3.9bn takeover of shipping group P&O by Dubai Ports World in 2006.

Cleaver said: “It is a major step for Dubai World to develop in the real estate and logistics sectors. They have great capacity in the Middle East and are looking to expand, giving growth internationally.”

Asda and Gazeley also took separate advice from respective longstanding real estate advisers Osborne Clarke and SJ Berwin. Partner Jon Vivian led the team for SJ Berwin while property partner Henry Minto led for Osborne Clarke.

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