Our clients benefit from our more than 20 years of industry experience with these capital commitment subscription facilities
Dallas (Vocus) March 4, 2008 -–
Haynes and Boone, LLP was selected as the North American Law Firm of the Year for 2007 in the Transactions category of the Private Equity Real Estate (PERE) Annual Awards.
The firm’s national reputation in representation of U.S. and foreign commercial and investment banks in capital commitment subscription financings for real estate private equity funds in North America, Europe and Asia led to the honor, which is conferred by votes of industry peers in real estate private equity and subscribers of PERE Magazine.
"Our clients benefit from our more than 20 years of industry experience with these capital commitment subscription facilities," said Haynes and Boone partner Tim Powers, chair of the capital commitment subscription structure lending group that pioneered the method. "We know this market, and we've built a deep team of attorneys who demonstrate creativity and commitment in working with our clients and their customers on each transaction.
"Lenders engage us to work with them and their fund borrowers at the earliest stages of their deals, so we can assist can assist to structure financing facilities that take into account current market factors, the funds’ institutional investors’ relations, and the latest legal issues. This approach permits us to reconcile our client’s and the borrower’s operational and investor needs, and often to contribute to solutions that lead to more effective structures and efficient execution."
Serving as lead counsel for lead arranger and administrative agent, Haynes and Boone’s representative capital commitment subscription financings in 2007 include:
- $1.8 billion - Blackstone Real Estate Partner VI (arranged by Bank of America)
- $1.5 billion - CVI Global Value Fund (arranged by Morgan Stanley)
- $1.25 billion - Fortress Investment Fund V (arranged by Bank of America)
- $500 million – Cypress Grove International (arranged by Morgan Stanley)
- $450 million - Babcock & Brown Infrastructure North America (arranged by Bank of America)
- ¥36 billion – LaSalle Japan Logistics II (arranged by Mizuho Corporate Bank)
- $220 million - Five Mile Structured Income Fund II (arranged by Deutsche Bank)
- $200 million – Gateway Capital Real Estate II (arranged by United Overseas Bank)
- $150 million – IL&FS India Real Estate Fund (arranged by Deutsche Bank).
Serving as lead counsel to sponsors, Haynes and Boone representations include:
- Crescent Real Estate Equities Company in connection with the sale of Crescent to a group of private equity real estate funds managed by Morgan Stanley Real Estate in an all-cash transaction for $22.80 per share and the assumption of liabilities for a total consideration of approximately $6.5 billion, and
- Hillwood Development Company, a division of Hillwood Capital, and its affiliates in connection with its development of Victory Park, a $3 billion, 75-acre master-planned urban development in downtown Dallas.
Mr. Powers added, "It is an honor to be recognized for our continuing high-level work and focus on excellence in this field – and the credit extends throughout the firm. We have a culture of teamwork that makes it second nature to select the right attorneys to solve any problems that arise, drawing on the depth of our firm's abundant skills and talents. Finally, we have great clients with which we’ve forged strong relationships, and we have to recognize them, in turn, for the opportunities that they have given us to develop this strong practice."
The PERE Global Awards honored businesses in four separate territories including Global, North American, Europe and Asia/Rest of World.
Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, Washington, D.C., Mexico City and Moscow, providing a full spectrum of legal services. With almost 500 attorneys, Haynes and Boone is ranked among the largest law firms in the United States by The National Law Journal. The firm has been recognized as one of the "Best Corporate Law Firms in America" (Corporate Board Member Magazine, 2001-2007), and as a Top 100 law firm for both diversity (MultiCultural Law Magazine, 2008) and women (Women 3.0, 2008).
Haynes and Boone, LLP
mary.cheatham @ haynesboone.com