Nabarro and Jones Day act on £587m shopping centre sale
Nabarro and Jones Day have advised on British Land's sale of 50% of its stake in Sheffield's Meadowhall shopping centre for £587.7m. The deal saw British Land turn to Jones Day for advice as it set up a 50:50 joint venture partnership for the freehold interest in Meadowhall with London & Stamford Property and an uni-dentified joint venture partner. The firm's co-head of real estate, David Roberts, and corporate partner Giles Elliott took lead roles on the transaction, which values Meadowhall at £1.175bn, with the purchase price including a £170m cash consideration.
February 18, 2009 at 10:43 PM
2 minute read
Nabarro and Jones Day have advised on British Land's sale of 50% of its stake in Sheffield's Meadowhall shopping centre for £587.7m.
The deal saw British Land turn to Jones Day for advice as it set up a 50:50 joint venture partnership for the freehold interest in Meadowhall with London & Stamford Property and an uni-dentified joint venture partner.
The firm's co-head of real estate, David Roberts, and corporate partner Giles Elliott took lead roles on the transaction, which values Meadowhall at £1.175bn, with the purchase price including a £170m cash consideration.
Alternative Investment Market-listed London & Stamford turned to Nabarro for advice, giving the firm its first mandate as it used Gibson Dunn & Crutcher on its 2007 flotation.
Nabarro's team was headed by indirect investments partner Amanda Howard and real estate partner Simon Staite. Howard said: "This is the biggest deal of its kind for some time. We are hoping that this might be a watershed moment for the market. London & Stamford Property has a knack of predicting when it is a good time to invest in the market."
Separately, Freshfields Bruckhaus Deringer last week advised British Land on its £740m rights issue as the property developer attempts to shore up its finances. The firm fielded a team headed by corporate partners Julian Long and Sarah Murphy, acting alongside partners from the real estate, employment, tax and finance practices.
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