This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.
Nabarro has played a central role in advising Land Securities on its £656m acquisition from Lend Lease of a 30% stake in Bluewater, the iconic, Kent shopping centre. In addition, Land Securities has acquired the asset management rights for the centre and 110 acres of surrounding land.
Bluewater is the UK’s prime retail mall outside London attracting 27 million visitors a year in one of the most affluent areas of the country. The centre totals 1.8 million sq. ft. and is home to over 330 retailers, cafes, bars and restaurants and includes 13,000 parking spaces.
Land Securities is one of Nabarro’s longest standing and most significant clients. This major deal, led by Real Estate partners John Cumpson and Barry Morris, was completed in a tight timescale by a team from across the firm including, Real Estate partner Sarah Meldrum in Sheffield, Funds & Indirect Real Estate partner Chris Luck, Corporate partner Jeremy Phillips, and Tax partner Kirsten Prichard Jones.
Commenting on the transaction, Barry Morris said:
“This is one of the biggest retail real estate deals of the year so far and a major coup for Land Securities. It is always rewarding to work on a deal which is of strategic importance for one of our most important clients. Our experienced team from across Nabarro handled this complex transaction with the speed and efficiency which is our hallmark.”
Scott Parsons, Managing Director, Retail Portfolio at Land Securities, said:
"The acquisition of this interest in Bluewater is part of the continued strategic shift of our retail portfolio towards dominance, experience and convenience. This acquisition, which increases our exposure to the South East, follows the recent disposals of Overgate, Dundee and The Bridges, Sunderland, and demonstrates the pace at which we are delivering on our strategy.”