Real Estate

We advised Aware Super, an Australian.... Read more

We advised Aware Super, an Australian superannuation fund, on its acquisition of a 22% stake in Get Living PLC, one of the UK’s pioneering platforms in the build-to-rent sector.

Aware Super’s investment in Get Living complements the fund’s leadership in Australia’s build-to-rent and affordable housing markets as well as its international expansion strategy into other markets.

Lawyers in our London office led the transaction, with support from our Sydney office and our investment funds, private equity, real estate, and tax practices.

We advised Kenedix, a Japan-based REIT manager.... Read more

We advised Kenedix, a Japan-based REIT manager, on the U.S. elements of a merger between three Tokyo Stock Exchange-listed J-REITs: Kenedix Office Investment Corporation, Kenedix Residential Next Investment Corporation, and Kenedix Retail REIT Corporation. 

The innovative triple merger, which was the first transaction of its type in Japan’s public REIT market, created the third largest J-REIT with over JPY1.17 trillion (US$8.2 billion) in assets under management.

Lawyers in our New York and Tokyo offices advised on the transaction.

We advised Life Storage, a self-storage company... Read more

We advised Life Storage, a self-storage company, on its successful defense of a hostile takeover attempt and subsequent US$12.7 billion friendly merger with Extra Space Storage.

The merger created the largest storage platform in the industry with a total enterprise value of US$47 billion.

Lawyers in our Washington, D.C. office led the transaction, with support from our Baltimore, Denver, Los Angeles, New York, Northern Virginia, Philadelphia, and San Francisco offices and our antitrust, capital markets, employee benefits, litigation, privacy and cybersecurity, real estate, regulatory, securities, and tax practices.

We advised Urstadt Biddle Properties, a REIT, on its.... Read more

We advised Urstadt Biddle Properties, a REIT, on its US$1.4 billion merger with Regency Centers, a shopping center owner, operator, and developer.

The merger grows the combined company’s shopping center footprint in premier suburban trade areas.

Lawyers in our Washington, D.C. office led the transaction, with support from our Baltimore, Denver, New York, Northern Virginia, and Philadelphia offices and our capital markets, employment, environment, infrastructure and projects, litigation, real estate, securities, and tax practices.

Sector performance

In 2023, real estate investors grappled with declining values and increased borrowing costs driven by persistent inflation and high interest rates. While overall deal volumes decreased, equity buyers propped up the real estate market as they benefited from discounted values.

Residential, logistics, data centers, and life sciences-related facilities remained strong performing asset classes. Investment activity increased in retail and office with a particular focus on quality energy-efficient assets. The adoption of AI tools also increased in order to enhance efficiencies across the sector.


Hogan Lovells activities

In 2023, our award-winning Real Estate team advised on some of the largest REIT and real estate M&A transactions across the world.

We hosted premier industry events, including our German and Spanish Hotel Days and our Real Estate Academy programs in Germany and the United Kingdom. Our team produced a record number of articles, webinars, and videos on real estate hot topics, contributing to our recognition as a top thought leader for real estate in the JD Supra 2023 Readers Choice Awards.

Hogan Lovells is a great team that has its pulse on the market and the market trends.”

Chambers USA, 2023

600+

Real Estate lawyers

Winner

Real Estate
Group of the Year
Law360, 2023

Our four pillars

Technical Excellence

Technical excellence

Executing transactions effectively

Industry Knowledge

Industry knowledge

Understanding issues in regulated industries

Global Reach

Global reach

Worldwide reach,
local knowledge

Full-Service capabilities

Full-service capabilities

Subject matter knowledge

M&A Year in Review

Expander

Dear Clients and Friends,

Welcome to the 10th edition of our Hogan Lovells M&A Year in Review! We created our M&A Year in Review to express our gratitude to you – our clients and friends – for the opportunity to work together and for the successes that we have shared. We hope you enjoy our review of dealmaking during 2023 and our projections for M&A during 2024.

Global M&A activity in 2023 slowed to a 10-year low. Aggregate deal volume decreased by 6%, to a three-year low, and aggregate deal value declined by 17%, marking the first time global deal value failed to reach US$3 trillion since 2013. 

A combination of factors led to this decline in dealmaking, including persistent inflation, heightened cost of capital, increased regulatory scrutiny, fears of recession, and conflicts in Europe and the Middle East.

During 2023, sponsor-related M&A experienced a significant downturn in both volume and value, with deal value falling 40% and deal volume down 26%. For strategic M&A, deal value declined by 3% from 2022, and the number of strategic deals declined 13% during the same period.

Sector activity varied widely during 2023. M&A in the energy and power sector propelled the conversion from traditional to clean energy, with transaction value exceeding more than US$500 billion and accounting for 17% of overall M&A value. The technology sector experienced a 47% decline in M&A value compared to 2022, as companies and investors pursued smaller transactions driven by technology imperatives. Life sciences and health care M&A remained vibrant in 2023, with deal value increasing by 23% compared to 2022 – a trend driven by high-value transactions in the biotech and pharmaceutical sectors.

Our M&A Group is grateful to have worked with you over the course of 2023. Your transactions propelled Hogan Lovells to more than 30 M&A league table rankings worldwide, including for Global M&A and across Europe, France, Germany, Italy, the Nordics, the United States, Latin America, Asia, Australia, and India.

For the year ahead, we forecast measured optimism for meaningful increases in deal value and deal volume, as set forth within our 2024 M&A Outlook.

We appreciate the trust that you continue to place in us, and we look forward to supporting you on your M&A transactions in the year ahead.

Best wishes for continuing success in 2024,

The Hogan Lovells M&A Group