09 June 2021

Carey Olsen advises Starwood on RDI purchase and TISE listing

Lawyers from Carey Olsen's corporate team in Guernsey have advised global private investment firm Starwood Capital Group (Starwood) on the acquisition by a Starwood controlled affiliate of the remaining share capital of RDI REIT P.L.C. (RDI REIT) for approximately £467.9 million.

The transaction gives Starwood controlled affiliates 100% ownership of RDI REIT after a c.30% stake was acquired in the property investment business from South African investor Redefine in July last year.

As part of the acquisition, Carey Olsen advised Starwood on the listing of RDI REIT on The International Stock Exchange (TISE), following which RDI REIT de-listed from both the London Stock Exchange and Johannesburg Stock Exchange.

Working alongside onshore counsel Kirkland & Ellis, Carey Olsen advised Starwood on the Guernsey legal and regulatory aspects relating to the establishment of the acquisition structure, the financing of the transactions and RDI REIT's subsequent listing on TISE. The team was led by partner Ben Morgan, with assistance from Rachel de la Haye, Imogen Payne and Kim Courtney (acquisition and structuring), Vaishali Gupta and Olivia Hamilton-Russell (financing) and Lisa Bailey and Kate Everitt (TISE listing).

Ben said: "Having advised Starwood for a number of years, we are delighted to have guided the firm through the successful conclusion of its latest purchase and subsequent listing of RDI REIT on The International Stock Exchange. It was a transaction which showed the depth and breadth of expertise present in our Guernsey corporate team with tailored advice needed across the various structuring, financing and listing aspects associated with the acquisition."

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