Akin Gump Again Advises Landmark Infrastructure Partners in Drop-Down Acquisitions
(Houston) – Landmark Infrastructure Partners LP (Landmark or the Partnership) has completed acquisitions from two separate affiliates of its sponsor, Landmark Dividend LLC, with Akin Gump serving once again as legal advisor to the conflicts committee of Landmark’s board of directors.
In the first acquisition, the Partnership acquired 72 tenant sites located in 20 states from Landmark Dividend Growth Fund – C LLC (Fund C). Total consideration was $30 million, consisting of approximately 847,000 common units of the Partnership (“Common Units”), valued at approximately $12.7 million, and approximately $17.3 million in cash, of which approximately $15.1 million was used to repay Fund C’s indebtedness.
In the second acquisition, the Partnership acquired 136 tenant sites located in 39 states from Landmark Dividend Growth Fund – F LLC (Fund F). Total consideration was $44.0 million, consisting of approximately 1,266,000 Common Units, valued at approximately $19.0 million, and approximately $25.0 million in cash, of which approximately $24.5 million was used to repay Fund F’s indebtedness.
Akin Gump oil and gas partner Chris LaFollette, who serves as partner in charge of the firm’s Houston office, led the team advising the board of directors’ conflicts committee. She was joined by tax partner Alison Chen, oil and gas associates Heather Ashour and Jacob Johnson, real estate counsel Arsineh Baghdasarian, real estate associates Dan Shlomi and Alex Agahzadeh and real estate staff attorney Stuart Graves.
To read about prior representations of Landmark Infrastructure Partners, please click here.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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