Dentons and Kirkland & Ellis Advise Blue Owl Capital on Sale and Leaseback of 20 Asda Stores and a Distribution Centre

"Dentons and Kirkland & Ellis advised US alternative asset manager Blue Owl Capital on a sale and leaseback of twenty Asda stores and one distribution centre. Eleven assets were sold to Blue Owl funds and ten to a JV between Blue Owl and Supermarket Income REIT (SUPR). The transactions were valued at over £450 million; Asda remains the long-term occupier."

Dentons and Kirkland & Ellis advised US alternative asset manager Blue Owl Capital on a sale and leaseback transaction involving twenty Asda stores and one Asda distribution centre. Eleven assets were sold to funds managed by Blue Owl Capital and the remaining ten were sold to a joint venture between Blue Owl Capital and Supermarket Income REIT PLC (SUPR). The Blue Owl transactions were valued at over £450 million. All properties are subject to long-term leases and Asda will continue to occupy and operate the assets. The transaction follows recent UK and European work for Blue Owl by Dentons and Kirkland & Ellis. In April the firms acted for Blue Owl on the formation of its JV with SUPR and the acquisition of an initial portfolio of eight supermarket properties with a combined value of £403 million. In July they advised on a £215 million secured term loan facility for the JV provided by a syndicate comprising Barclays, HSBC, ING and SMBC Group. Dentons represented Blue Owl Capital with a team composed by: Rob Thompson, Head of Real Estate in the UK; partners Alex Coulter and Tom Taylor; and lead associates Caroline Stead, Chloe Halliday and Fosia Solomou. Kirkland & Ellis represented Blue Owl Capital.

Dentons and Kirkland & Ellis Advise Blue Owl Capital on Sale and Leaseback of 20 Asda Stores and a Distribution Centre

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