Global law firm Ashurst Perkins Coie has advised Mirae Asset Global Investments Co., Ltd. on the establishment of a European separate managed account with Nuveen Real Estate, backed by Korea's Public Officials Benefit Association, and on the account's investment in the "Bravo!" purpose-built student accommodation portfolio across seven Spanish university cities.
Ashurst Perkins Coie were lead counsel to Mirae on the structuring, establishment and negotiation of the managed account with Nuveen and its advisers, as well as Mirae's strategic counsel in relation to the Bravo! portfolio acquisition, including in particular on the investment and funding structure in Luxembourg and Spain.
The Ashurst Perkins Coie cross-border team was led by London partners Oliver Cary and Huiyeon Kim, supported by a core team of senior associate Peter Mallon, associate Sheen Chan, and trainee Rasim Parlak (London) and partner Arnaud Julien and senior associate Frank Noesen (Luxembourg), with the Luxembourg corporate team of Paul Witte (counsel), Raphael Theiss (senior associate), and Nicholas Reichling (trainee) also assisting on the investment and funding aspects of the Bravo! acquisition.
The wider team consisted of Luxembourg tax partner Alexandra Clouté, tax partners Ricardo García-Borregón (Madrid) and Tim Gummer (London), counsel Katy Web, senior associate Adnand Sulejmani and associates Enrique Muñoz and Joséphine Leclercq, who together provided tax advice to Mirae on the managed account and acquisition.
Commenting on the transaction, funds partner Oliver Cary said: "It has been fantastic to support Mirae on establishing this European focused SMA with Nuveen. This transaction, including our strategic advice in relation to the Bravo! acquisition, demonstrates our ability to deliver on cross-border deals for international real estate investors and underscores the strength of our industry focused expertise in this space."
Corporate and relationship partner, Huiyeon Kim added: "We are delighted to have advised Mirae, our long-standing client, on this partnership with Nuveen and their first real estate investment together in Europe."
