Addleshaws and Freshfields win roles on sale of German shopping centre
Addleshaw Goddard has taken a role alongside Freshfields Bruckhaus Deringer on the €270m (£235m) sale of a 50% stake in German 'super-regional' shopping centre CentrO. The deal, which was completed on 10 May, saw Stadium Group sell a non-controlling interest in the 1.6 million sq ft shopping centre to Canadian investment management organisation CPP Investment Board (CPPIB).
June 01, 2011 at 07:28 PM
2 minute read
Addleshaw Goddard has taken a role alongside Freshfields Bruckhaus Deringer on the €270m (£235m) sale of a 50% stake in German 'super-regional' shopping centre CentrO.
The deal, which was completed on 10 May, saw Stadium Group sell a non-controlling interest in the 1.6 million sq ft shopping centre to Canadian investment management organisation CPP Investment Board (CPPIB).
Addleshaws, which was instructed by the sellers in January, fielded a team led by real estate partner Michael Reevey alongside corporate partners Philip Goodstone and Garry Elliott and tax partner Peter Sayer.
Freshfields advised the buyers, with a team led by real estate partner Alexander Watt and including corporate partners David Higgins and Simon Weller.
CPPIB was advised on the tax aspects of the deal by KPMG, while Ernst & Young was the tax adviser to Stadium Group, which received additional German legal advice from Orrick Holters & Elsing.
Reevey commented: "It was a fascinating deal due to its strong international flavour and it was intrinsically more interesting because our client was selling a 50% stake."
Addleshaws' relationship with Stadium Group, a private group of companies specialising in retail property development, investment and asset management in the UK and Germany, dates to around 1984.
The UK law firm has previously advised the group on the 1999 sale of Sheffield shopping centre Meadowhall to British Land, the £57m disposal of Fforestfach Parc in Swansea to Hammersons in 2002 and its acquisition of the Telford Forge shopping centre.
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