LG advises on £442 million sale of UK shopping centre
21 June 2007
LG, the London-based law firm, has advised Universities Superannuation Scheme Ltd (USS) on the £442 million sale of its one million sq ft Telford shopping centre to US-based fund manager Apollo Real Estate Advisors and Hark Group ("Apollo/Hark").
Partner Dan Gwilliam led the LG real estate team, which included Victoria Younghusband and Claire Steel, assisted by Narmie Devendra.
For USS, the sale follows the recent sales of the Trinity Quarter development scheme in Leeds and the Gyle Shopping Centre ("Gyle"), Edinburgh.
Dan said: "USS have been our client since 1990, when they bought the Telford scheme and we have been responsible for the management and development since then. We continue to be involved on Grand Arcade Cambridge and look forward to working with USS on future retail projects."
The USS Telford centre is a 50-acre site, which is home to many large retailers including ASDA, beatties, Debenhams, Marks & Spencer and BHS. The exchange took place on 31 May 2007. Nabarro advised Apollo/Hark.
LG also advised USS on the sale of Gyle last year for £267 million to Belfast based property company William Ewart Properties Ltd.
Jones Lang LaSalle represented USS in the transaction and DTZ and Strutt & Parker represented Apollo/Hark.
Note 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, with particular emphasis on development and regeneration work, real estate finance and investment sales and purchases.
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