LG advises USS on £80 million acquisition of Kingston shopping centre
8 February 2008
LG, the business law firm, advised Universities Superannuation Scheme Limited ("USS") on their acquisition of a new shopping centre from LaSalle Investment Management Limited ("LaSalle").
USS acquired Eden Walk Shopping Centre, Kingston upon Thames. LaSalle Investment Management Limited acted on behalf of Coal Pension Properties Limited for the sum of £80 million reflecting a net initial yield of 5.3%.
The shopping centre comprises approximately 231,000 square feet of retail floor space anchored by BHS, Marks & Spencer and Sainsbury’s. Additionally, Eden Walk provides one of Kingston’s principal car parks with 697 spaces together with 36,700 square feet of self contained offices.
The LG team was led by real estate partner Jon Lloyd, assisted by Shabnum Hussain and Hannah Nicholls. Partner Paul Lester led the corporate side of the deal, assisted by Claire Steel and Jonathan Legg advised on tax issues.
Jon Lloyd commented: “I am absolutely delighted that LG was instructed by USS on this acquisition. We worked hard to get this from start to finish in about seven weeks. Notwithstanding the difficulties in the current market we are experiencing consistent investment activity where clients are seeing opportunities to add value.”
USS is one of the largest private occupational pension schemes in the UK with assets in excess of £30 billion.
Fiona Stone of Orrick Herrington & Sutcliffe acted for Coal Pension Properties Limited. Morgan Williams acted as agents for USS and Jones Lang LaSalle were agents for the Seller.
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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