DLA Piper advises Realty Income on EUR1.078 billion joint venture with KKR to expand private capital platform

Global law firm DLA Piper advised Realty Income Corporation (NYSE: O), a leading global net lease real estate company, on the establishment of a new euro-denominated joint venture with KKR, marking a significant expansion of Realty Income’s private capital platform into Europe.

The joint venture, which closed on 28 September 2026, was established to hold a diversified portfolio of stabilized European net lease assets contributed by Realty Income, spanning 54 properties across Spain, Ireland, Poland, and the Netherlands and will serve a broad mix of industries and tenants. Under the transaction, KKR made an initial investment of approximately EUR528 million to acquire a 49% equity interest in the joint venture, with Realty Income retaining 51% and continuing to manage the portfolio through its established European operating platform.

The transaction is an important milestone in Realty Income’s strategy to diversify its sources of capital and expand its private capital formation capabilities in Europe. Realty Income will continue to oversee day-to-day asset management under a long-term management agreement.

A multidisciplinary and cross-border team from DLA Piper’s US and European offices worked on the transaction led by London-based Corporate partner Anthea Bamford, along with Corporate partners Rob Salter, Liam Freeman, and Clare McLaren, Real Estate partner Jo Owen, Tax partner Ben Brown, and associates Dhaksha Giga, Tim Harding, Julian Bajada, Tom Morris, Chris Robinson and Evelina Repole. The team also comprised of Luxembourg partners Melody Brunot, Catherine Pogorzelski and Jacques Wantz and associate Jean-Baptiste Lhuillier along with a Netherlands team led by Partner and Notary Manon den Boer and associate Anna Lin. Advice was also provided by London-based antitrust partner Matt Evans and New York-based Tax partner Shiukay Hung.

Nicolas Taylor, European Head of Legal for Realty Income commented: “DLA Piper’s globally integrated team provided “one-stop” seamless multi-country and multi-specialist support to deliver a complex and time-constrained project with aplomb.”

Commenting on the transaction, Rob Salter, Global Co-Chair, M&A and Jo Owen, Global Co-Chair, Real Estate Sector added: “We are delighted to have supported Realty Income as it extends its private capital strategy into Europe. This partnership with KKR demonstrates the continued appetite among global institutional investors for high-quality European real estate assets and spotlights the growing role of innovative private capital solutions in supporting long-term growth strategies. This transaction reinforces the attractiveness of the European net lease market and showcases Realty Income’s strength as a leading global platform.”