Nabarro and Lovells head up Land Securities' £210m Bullring stake sale
Nabarro and Lovells have taken lead roles on Land Securities' £210m sell-off of its stake in the Birmingham Bullring to an Australian Government investment fund. The purchase means that The Future Fund - an independently managed sovereign wealth fund - now holds a third of the Bullring alongside Henderson Global Investors and Hammerson.
September 21, 2009 at 07:56 AM
2 minute read
Nabarro and Lovells have taken lead roles on Land Securities' £210m sell-off of its stake in the Birmingham Bullring to an Australian Government investment fund.
The purchase means that The Future Fund – an independently managed sovereign wealth fund – now holds a third of the Bullring alongside Henderson Global Investors and Hammerson.
The shopping centre was formed in a three-way joint venture between Hammerson, Henderson and Land Securities and opened for business in 2003.
The Nabarro team handled all corporate and real estate matters for long-term client Land Securities. Real estate partner John Cumpson led the firm's team alongside corporate partner Christopher Luck.
Lovells advised The Future Fund with a team led by client partner Bob Kidby alongside real estate funds partner James McDonald.
Land Securities said that the sale will free it up to exploit future investment opportunities. The sale represents a 6.85% yield for the property company.
Cumpson commented on the deal: "Earlier in the year the big property companies were looking to reduce debt and now they appear to be putting themselves in a position to take advantage of future opportunities. This is a really positive deal for the market."
Earlier this year (20 February) Land Securities raised almost £756m through a rights issue to strengthen the company's balance sheet and protect it against the economic downturn, gifting roles to Slaughter and May and Freshfields Bruckhaus Deringer.
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