Latham & Watkins Advises KKR on Joint Venture With Realty Income

Realty Income Corporation and KKR announced the formation of a new euro-denominated joint venture that is expected to own a diversified portfolio of existing European net-lease real estate assets contributed by Realty Income, spanning the markets Spain, Ireland, Poland, the Netherlands and a broad mix of industries and tenants. Latham & Watkins LLP has advised global investment firm KKR on the transaction. Realty Income Corporation is a real estate partner to the world's leading companies. The transaction is expected to close on September 30, 2026, subject to customary closing conditions.

Capital accounts advised by KKR intend to make an initial investment of €528 million to acquire a 49% equity interest in the joint venture, with Realty Income retaining a 51% ownership interest and continuing to manage the portfolio through its European operating platform.

The Latham team was led by Frankfurt private equity real estate partner Otto von Gruben, with Frankfurt partner Dominik Waldvogel, London partner Chris Cox, New York partner Gary Boss, and associates Ivo Veit Wanwitz, Ruth Taylor, Florian Brüggemann, Marie-Christine Welp, and Philipp Haubold. Advice was also provided on capital markets matters by New York partner Guido Liniado, with associate Paul Lau; on antitrust matters by London partner Jonathan Parker, with associate James Mathieson; on restructuring matters by Frankfurt partner Daniel Splittgerber, with associate Joseph Saed; and on tax matters by Hamburg partners Tobias Klass and Verena Seevers and New York partner Bora Bozkurt, with associate Yucai Yu.