LG advises USS on £267M sale of Gyle Shopping Centre
23 October 2006
LG, the London-based business law firm, has advised Universities Superannuation Scheme Ltd (USS) on the sale of Gyle Shopping Centre ("the Gyle"), Edinburgh for £267 million to Belfast based property company William Ewart Properties Ltd.
For USS, the sale represents part of an ongoing portfolio restructuring exercise that will allow the pension scheme to concentrate on its significant city centre retail development commitments at Cambridge and Leeds.
The Gyle is a 33,6000 sqm (361,679 sq ft) shopping centre anchored by Marks and Spencer and Morrisons; it is located 5-miles west of Edinburgh City Centre and counts among its tenant line up, Next, W.H Smith, Gap, River Island and Boots.
Partner Victoria Younghusband led the LG team advising USS on the sale which included tax partner Robert Field and solicitors Claire Steel, Jonathan Legg and Narmie Devendra, together with Mitchells Roberton (Donald Reid, Morag Inglis and Ronald Inglis). Dickson Minto (Ewan Sheriff) acted for the purchasers.
Jones Lang LaSalle represented USS in the transaction and Colliers CRE represented William Ewart Properties.
Notes to editors
LG is a London-based law firm that 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, with particular emphasis on development and regeneration work, real estate finance and investment sales and purchases.
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