Phil Clissitt deals with the real estate aspects of corporate, projects and insolvency acquisitions and disposals, often across jurisdictions, and frequently meeting tight timescales.
Phil focuses on the real estate aspects of transactions, and leads one of only a handful of specialist teams in the UK that is immersed in transactional property work. When they are looking at corporate transactions and projects involving properties clients want an efficient and dedicated service. Phil is completely immersed in that work, day in, day out. His team is quick, responsive, and delivers results for clients.
The deals Phil works on can be acquisitions and disposals of companies, IPOs, PFI projects or insolvency matters. One of Phil's most challenging jobs was the disposal of Kwik-Fit, which involved the disposal of 2,115 properties in nine jurisdictions in a challenging timescale.
Phil help clients navigate the real estate issues that arise in transactions, running a specialist team to offer clients dedicated transactional lawyers with property expertise in multi-disciplinary transactions. His team is more efficient and focused than generalist real estate teams that occasionally turn their hands to M&A because they spend all their time immersed in the real estate aspects of acquisitions and disposals of companies, of PFI projects, and of insolvency matters.
Phil has such a reputation for being available to his clients 24/7 that one once called him on a Saturday evening because his daughter was about to be interviewed by the police after being picked up for drink driving. Of course he couldn't do anything to advise on criminal law or the Road Traffic Act, but the client wanted Phil there, and so he attended the interview. Another time, one of Phil's partners made a bet with a client that he could call me at 3am and I would pick up the phone to give legal advice. That's exactly what Phil did.
Phil prides himself on being quick, responsive, and always able to deliver. Given the time pressures many of Phil's clients are working with, his approach gives clients a competitive edge.
Major corporates, insolvency practitioners, public sector bodies, education institutions, infrastructure service providers and retailers.
The trio of cross-border deals worth $1.03 billion for European real estate developer Parkridge tops the list. The first deal saw Parkridge sell its industrial development business to ProLogis. Under this deal, ProLogis acquired assets including a UK industrial land bank comprising more than 800 acres, UK logistics development business Astral, and Parkridge's 50 per cent interest in a Central European industrial warehouse fund in Poland, Hungary, the Czech Republic and Slovakia. In the second deal, ProLogis acquired a 25 per cent stake in Parkridge's mixed-use and retail warehousing development business. A simultaneous third transaction saw Parkridge's joint venture partner sell its 50% share in the industrial warehouse fund to ProLogis for $449 million.
Another favourite job of Phil's is the work his team did on the sale of Leicester City FC to the Gary Lineker Consortium. Saving a football club is immensely satisfying for any football fan. The timetable was extremely tight and the team were up against the bondholder and the Football League in an intense media spotlight.
Phil was a key member of the Wragge & Co team that advised UK supermarket chain Morrisons on its purchase of 49 Blockbuster stores from the administrators of the collapsed DVD and video games rental company. The properties were earmarked for the supermarket's expansion of its Morrisons M local convenience stores chain.
Acted for Arena Coventry Limited, owners of the Ricoh Arena, on the agreement with Coventry City Football Club to enable it to return to the Ricoh Arena from Northampton from September 2014 for a minimum of two seasons.
When the infrastructure services provider Amey reached final close on its new £2 billion highways management and maintenance contract with Sheffield City Council in July 2013, Phil led on the property advice. As part of the transaction, Amey will oversee the upgrade and maintenance of Sheffield's roads, pavements, street lighting, bridges and streetscene. Phil already had led on the property advice for Amey Highways and with Birmingham City Council.