Real Estate

Digital Realty (NYSE: DLR), the world's largest cloud- and carrier-neutral data center platform, and Rönesans Infrastructure, one of the largest investment companies in Türkiye and a top 50 international contractor on ENR International Contractors List, have announced the formation of a strategic joint venture to develop and operate next-generation data centers across Türkiye.

De Brauw assisted Madison Air Solutions Corp as Dutch counsel in connection with its USD 5.4 billion acquisition of ebm-papst, a leading global provider of innovative ventilation solutions for air, refrigeration and climate technology. Operating in approximately 40 countries, ebm-papst is a leading global supplier of high-performance airflow technology and a pioneer in integrated electronically commutated fan and motor systems. Madison Air is a leading provider of highly engineered air quality solutions for mission-critical environments. With Madison, ebm‑papst gains a new, long-term-oriented owner with strong innovative capabilities and operational scaling expertise to accelerate growth. In turn, the partnership gives Madison access to differentiated air flow technology and highly attractive markets, particularly in Europe, enabling the company to further scale its business outside North America. The transaction is expected to close around year end, subject to receipt of required regulatory approvals and satisfaction of customary closing conditions.

De Brauw advises Bouwinvest on anchor investment in Tishman Speyer Korea Living I, LPBouwinvest Real Estate Investors is one of the Netherlands' leading real estate investment managers, with EUR 17.8 billion in assets under management on behalf of bpfBOUW, the pension fund for the Dutch construction sector. De Brauw assisted Bouwinvest in connection with bpfBOUW's USD 100 million commitment as anchor investor in Tishman Speyer Korea Living I, LP. The latter is a Singapore limited partnership that invests in residential real estate in South Korea. We advised across the full transaction, from initial structuring to closing. The team negotiated and drafted the Limited Partnership Agreement, Side Letter and Subscription Booklet. The transaction required careful navigation of bpfBOUW's regulatory obligations and investment policy restraints as a regulated Dutch pension fund investor alongside its cross-border commercial objectives. We secured a strong package of protections for bpfBOUW as anchor investor and first limited partner. We also negotiated a bespoke Green Promote structure, with the manager's carried interest being directly linked to the fund's performance against defined ESG milestones, embedding Bouwinvest's sustainability objectives into the fund's economic framework from the outset. 

The highest administrative court in the Netherlands today gave the green light for the first Dutch Carbon Capture and Storage (CCS) project in the Port of Rotterdam, jointly carried out by Gasunie, EBN and the Port of Rotterdam. The Porthos project is one of the government's key energy transition projects and vital in achieving Dutch climate objectives. The project has been recognised as a Project of Common Interest by the European Commission.

All large-scale construction projects that take place in relation to infrastructure, housing and energy transition with limited nitrogen depositions are affected by this landmark judgment. Earlier judgments had already demonstrated that for such projects, an ecological assessment is decisive. This is all the more relevant after the annulment of the special exemption for emissions caused by temporary construction activities (partiële bouwvrijstelling). Construction projects could get back on track if, based on an ecological assessment, significant negative effects on Natura 2000 areas can be excluded.

The Supreme Court decided on 10 July 2020 that banks can validly assign credit claims to non-banks, also if the underlying loans are non-performing or have been terminated. It also decided that if the assignee is not a bank, it can be required to observe the same duty of care towards debtors as would apply to a bank under the given circumstances. As such, the Supreme Court's decision not only confirms existing practice, but also provides guidance for future securitisations of Dutch loans.