21 January 2016

Carey Olsen advises on acquisition of Guernsey Fund

Carey Olsen has advised on the purchase of AIM listed Japan Residential Investment Company Ltd ("JRIC") by entities controlled by Blackstone Real Estate Partners Asia and Blackstone Real Estate Partners VIII.

The transaction, which was completed on 30 December 2015 by way of a Guernsey law scheme of arrangement, valued JRIC's entire share capital at approximately £152.6 million.

JRIC is invested in Japanese residential multifamily properties predominately situated in major metropolitan areas which offer attractive yields and the potential for capital growth.

The Carey Olsen team was comprised of partner David Crosland and senior associates Adrian Sarchet and James Stockwell and worked alongside international law firm Simpson Thacher & Bartlett LLP and Morrison Foerster as well as Blackstone's other advisers PWC and KPMG.

Partner David Crosland, said: "Public to private transactions are still relatively unusual and this was a challenging transaction with a number of moving parts. We were delighted to assist Blackstone with this acquisition which highlights the global reach of their real estate investment expertise."