CMS advised Lazari Investments on its agreement with family-owned Fenwick department store group to acquire its store and adjoining property in the prime Bond Street location in London. The deal is expected to complete early in 2023 with the store remaining open and trading until the beginning of 2024. The site is being sold to fund investment in Fenwick’s online business and its other eight stores across the UK, along with contributing a significant sum to the pension fund.
David Silverman, Director of Lazari Investments, said: “The Fenwick store and adjoining properties are a landmark collection of buildings on the world-renowned Bond Street. We are delighted to have entered into an agreement to purchase them. We look forward to creating a mixed-use development adopting the very highest standards of sustainable design. We are extremely grateful to Cale Street Investments for providing the finance for this acquisition and their partnership throughout the transaction and to CMS for providing us with legal advice throughout the deal negotiations.”
CMS partner Thomas Page added: “We are delighted to work with Lazari Investments on their latest high profile transaction in central London.”
The CMS team was led by Thomas Page and James Miller with support from Sioned MacLeod and Eloisa Jaye de Vera (Corporate), Emma Halabi (Real Estate), Phil Anderson and Rebecca Stewart (Tax), Nick Lloyd (Rights of Light Expert), Chris Devitt and Kelly Brown (Planning) and Alistair Hill (Pensions).
