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Sale of Interest in Miami Design District Associates

Representation of L Real Estate, a private equity fund sponsored by LVMH, and Dacra, founded and owned by developer Craig Robins, in connection with the sale of a 20% interest in Miami Design District Associates, a joint venture between L Real Estate and Dacra, to General Growth Properties (GGP) and Ashkenazy Acquisition Corp.  GGP and Ashkenazy paid an aggregate of $280 million for the 20% interest, valuing the entire joint venture at $1.4 billion.  Miami Design District Associates owns a substantial portion of the Miami Design District which it is developing to be a leading luxury retail destination in the dynamic Miami market.  The firm continues to represent Miami Design District Associates, including in connection with its leasing activities as it continues to attract leading luxury goods companies to the Miami Design District.