The Legal 500

Allen & Overy LLP was involved in one of the more complex retail transactions of 2010 for Foruminvest on the €230m disposal of a stake in an SPV that owns a shopping centre in Kortrijk, to Union Investment. Clients single out Daniel Gillet’s leadership which garners plaudits for ‘excellent ad-hoc knowledge, going beyond a purely legal opinion, which is creative and to the point’. The team also acted for Bank of Scotland (on real estate debt restructuring), EIOV (a real estate investor), insurer Ethias and developer Extensa. Senior associate Amand-Benoit D’Hondt and counsel Stéphanie Houx are also recommended.

Baker & McKenzie’s clients appreciate the team’s consistent quality of service. Clients state that they are ‘very satisfied with the personal approach’ of Dominque Lechien and Rudy Dupont, who is well-known in the French speaking business community. Dupont assisted a consortium of major Belgian real estate developers in the sale of a corporate vehicle, which owned a new 20,000 sq m office building located near the Brussels South railway station. Clients include Cummins, Securex and Finest.

Clifford Chance is seen as a ‘Rolls-Royce in the legal industry’, being ‘quick and flexible with a very commercial approach’, perfect for ‘large professional players in the real estate market’. Henri d’Ursel is singled out for his close teamwork with tax partner Thierry Blockerye, and also for being ‘very well known and respected’, and someone who is ‘very effective in getting the deal done’. The team advised Union Investment on a shopping centre purchase in Kortrijk, the biggest such transaction in Belgium in 2009. Clients include Banimmo, Foruminvest and JPMorgan.

DLA Piper’s property lawyers assist corporate, public sector and developer/investor clients in high value matters, with dispatch and confidence. Highlights included advising ING Real Estate on developments in Asse and Halle; plus the acquisition of an office building in Brussels, for a German investment fund, in a €15m purchase. It also acts for the European Commission, the City of Antwerp, and a host of Belgian real estate corporates. Dirk Caestecker is the well respected practice head, alongside Els Empereur and François de Montpellier.

Clients give strong backing to the team at Liedekerke Wolters Waelbroeck Kirkpatrick. It advised on the purchase by leading Belgian REIT Befimmo, on the turnkey sale of a large office building in the old town of Brussels to Vivaqua, a deal worth €51m, one of 2010’s larger single asset transactions in Belgium. DHL and IKEA are also clients. Yves Delacroix is ‘excellent in summarizing complex issues, and in negotiating’ on behalf of clients who praise the ‘in-depth legal work, which does not leave anything to coincidence’.

‘Clearly excellent value for money’, Linklaters takes a full-service approach to swiftly execute significant deals. PPP deals worth €1.75bn, such as the Flemish schools infrastructure deal, or a €360m deal for four new Belgian prisons demonstrates that the team can handle both complexity and volume. Clients suggest the true value of Yves Moreau’s team enables the client ‘to do business while protecting interests, in not just outlining risks’; it ‘anticipates the reactions of counterparties, putting clients in a good negotiating position’. Clients include Banimmo and Fortis.

Lydian’s real estate team gives ‘very quick and clear responses, based on good knowledge’. Wouter Neven is praised for the number of contacts he has in Belgian real estate, his ‘in-depth knowledge and for being a tactful negotiator’. PPP deals for Cordeel and Willemen included one on the construction of four new prisons in Belgium; Brussels office leasehold purchases and energy-related property advice also a prominent feature. PPP advice, public law, and property litigation are also all covered. Clients include Cofinimmo, Fortis Real Estate and ING.

NautaDutilh maintains its strong relationship with Cofinimmo, working on real estate restructuring, capital refinancing, and two commercial property purchases worth €22m and €63m respectively. The presence of good links to other REIT’s included being instructed by the professional federation, to help draft a new royal decree on REIT’s for its regulatory body. Didier De Vliegher is the lead partner; he works closely with real estate tax expert Jan Werbrouck.

‘More than happy with the quality of their work’, say clients of Stibbe. A diverse list of clients includes the Flemish government, asset managers and developers. It has been active on a 62,000 sq m joint venture between Segro and KBC on a mixed use development in Rumst, one of Belgium’s bigger logistics deals, and a €44m student facilities deal with the University of Ghent. Rudy Nauwelaerts is recommended for more than merely transactional work; but also setting out strategies for green, sustainable, real estate, important in Brussels’ tightly packed urban core. Rony Vermeersch continues to be active in the PPP market.

Altius (in co-operation with Tiberghien) delivers ‘professional, to-the-point and concise advice’, and the team ‘always fully respects deadlines’. Lieven Peeters has ‘dedication and true real estate knowledge’, and acted for ING on the sale of mixed-use complex in Ghent, and the sale of large land sites in the harbour of Antwerp for Lanxess. Senior associate Suzy Miller joined the firm from Loyens & Loeff, being known for her intellectual expertise in land law.

At Ashurst LLP, Carl Meyntjens’s performance in a difficult real estate market is commendable; the team acted for Quares Retail Fund on the acquisition of a Belgian real estate company, and assisted several retail commercial property units for Esprit, whilst also assisting international clients with office leases and commercial landlord & tenant disputes. Clients include Candover.

CMS DeBacker’s head of practice Bruno Duquesne and the team received instructions from Westimmo, on a €70m financing of the acquisition of a newly developed built-to-suit office building in Brussels. It also assisted the city government of Brussels with a framework for the redevelopment of a derelict industrial area, and has acted for Brussels Harbour. RBS is a lender client. Pierre-Axel Chabot is also recommended.

Freshfields Bruckhaus Deringer has been extensively involved in restructuring involving real estate companies, whilst the hotel industry remains a key sector for the firm; it continued to assist BAM on the €80m Kantienberg PPP project relating to student housing around the University of Ghent, and on long-term leasehold issues relating to European Parliament facilities.

Laga continues to handle transactions from real estate clients. It represents Robelco, a major Belgian real estate developer and investor, and worked with Lindner Hotels on its acquisition of a hotel in Antwerp. It has also advised RAC (a joint venture of property developers Breevast and Immobel) on real estate financing for the proposed Bel’air development. Werner van Lembergen and David Roelens are recommended.

Loyens & Loeff’s work is ‘very efficient, speedy, professional, creative’. Christophe Laurent is the recommended figure and team leader, known for advising Signa on the acquisition of the Mobistar building, and for assisting Fortis Real Estate on the acquisition of the Gent-Zuid Complex (a mixed shopping, office and residential complex).

Marx, Van Ranst, Vermeersch & Partners’ diverse real estate practice remains busy, handling due diligence issues on real estate investment projects, including PPP-related advice; it also has an active transactional side, informed by the team’s planning and public law expertise. Retail, pharmaceutical and industrial clients have all been advised by lead lawyer Stefaan Verbouwe.

Simont Braun maintains good connections with developers, chiefly on acquisitions, general property law queries, and planning issues, but also handles construction law cases, as well as commercial property deals for international clients. The seven-lawyer team assists institutional investors, banks, developers and property-related professional advisers. Manuela van Kuegelgen is recommended.