24 Jun 2010
LG advises Development Securities plc on acquisition of the largest indoor venue in Europe
International business law firm Lawrence Graham LLP ("LG") has advised leading property developer and investment company Development Securities plc on its purchase of the Manchester Evening News (MEN) Arena Complex for £62.2 million. The transaction completed on Tuesday 15 June 2010.
MEN Arena Complex was sold by Capital & Regional and GE Real Estate. LG advised Development Securities plc on purchasing the issued shared capital in the owning companies of the complex by way of a share purchase agreement which exchanged in April 2010.
The LG team advised Development Securities plc on the acquisition and banking aspects of the transaction.
Co-head of Real Estate, Jon Lloyd led on the acquisition, along with Real Estate solicitors Monica Dabasia and Hannah Nicholls. Corporate partner Oliver Riley, Corporate solicitor Neeraj Tah and Banking solicitors David Arana-Morton and Mirabella Stammers also advised.
Jon said: "We are delighted to have advised Development Securities plc on this transaction which is certainly likely to be one of the landmark real estate transactions in 2010."
Matthew Weiner of Development Securities plc said: "We have been pleased to instruct LG to act for us in this challenging project involving the acquisition and refinancing of this world class arena. We have instructed LG over a number of years and once again have been delighted with the quality of service Jon and his team have provided."
Finance for the acquisition was received from Lloyds TSB. Legal advisers included Addleshaw Goddard, who acted for the lenders and Mayer Brown on the sellers side.
Notes to editors:
- LG provides high quality practical and commercial advice at all stages of the process of creating and dealing with real estate assets in the UK and internationally.
- LG's Banking team can provide a diverse range of solutions in areas such as M&A (domestic and cross-border), recovery and restructuring, finance, IT & outsourcing, EU & competition, financial services regulation and dispute resolution.