US Duo Lead on £429M Sainsbury's Store Sale
British Land and Sainsbury's have sold a portfolio of 12 superstores to a U.S. property trust.
April 24, 2019 at 05:19 AM
2 minute read
U.S. firms Jones Day and Gibson Dunn have taken lead roles on the sale of 12 Sainsbury's superstores for £429 million.
Real estate investment trust giant British Land owns the stores via a joint venture with Sainsbury's, and is divesting its portfolio through the sale to U.S. real estate investment trust Realty Income Corporation.
Jones Day has fielded a London-based team to advise British Land on the principal financing and M&A issues relating to the deal. The four-lawyer team is led by City corporate head Giles Elliott and includes tax partner Blaise Marin-Curtoud and corporate partner William McDonald.
Dentons corporate partner Matt Tinger is advising Sainsbury's on property and leasing matters relating to the deal.
Gibson Dunn is acting for Realty Income Corporation with a City-based team led by tax partner Sandy Bhogal, who joined from US rival Mayer Brown in 2017. The team also includes London office co-head and employment partner James Cox, real estate private equity head Alan Samson, corporate partner Jeremy Kenley and finance partners Amy Kennedy and Gregory Campbell.
Gibson Dunn instructed Gowling WLG on behalf of Realty to advise on real estate aspects of the deal, and offshore firm Carey Olsen for Jersey law aspects.
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