CMS advises Landsec on acquisition of remaining 50% of share of St David’s in Cardiff

International law firm CMS has advised longstanding client Landsec, the UK’s largest commercial property development and investment company, on the acquisition of the remaining 50% of share of St David’s, a prime shopping location in the centre of Cardiff.

Landsec, which previously had a joint stake in the flagship shopping centre with Intu, has acquired the existing debt and equity interest from its partner’s bankers and receivers respectively. St David’s is one of the largest shopping centres in the UK with over 180 shops, cafés, and restaurants. It attracts an annual footfall of 27 million.

Peter Wiltshire, Restructuring & Insolvency partner at CMS, commented: “We are delighted to have advised Landsec on this latest acquisition, which allows the company to capitalise on the success of St David’s as a major shopping destination in the UK. St David’s has seen its levels of occupancy increase to over 93% with new brands recently agreeing to open new stores.”

The CMS team was led by Peter Wiltshire, and included Bruce Gavin, Christos Christoforou and Jake Hawker (Banking & Finance).

CMS has advised Landsec on a number of key projects over the course of its relationship, including Landsec’s recent acquisition of a 75% interest in MediaCity, Europe’s leading, digital, media and tech hub. CMS was reappointed to Landsec’s legal panel in July 2022.