Both organisations will take a 50% stake in Fosse Park through an English Limited Partnership, with The Crown Estate managing the asset on behalf of the partnership.
Wragge Lawrence Graham & Co advised The Crown Estate on the purchase. The team was led by Rabinder Chaggar and included partners Miles Kiely, Duncan Field, Phil Baker, Simon Malcolm, Elliot Weston, Clive Chalkley and Mark Hick, and lawyers Samantha Holland, Kate Worthington, Tony List, Will Stark, Lisa Matthews, Alicia Kim, Keith Brades and Emma Cooper. The firm’s dedicated Birmingham-based asset management team also advised on the deal. Lawyers included Joe Morris, Christopher Morris, Gillian Stewart, Holly Taylor, Julia Roe, Kulvir Desai, Parvinder Sohal and Simon Wood.
Rabinder Chaggar, The Crown Estate relationship partner, Wragge Lawrence Graham & Co, commented: “This is one of the UK’s most successful shopping parks which will undoubtedly be an important asset in The Crown Estate’s portfolio. Our client has once again been successful in an innovative joint venture and we are extremely proud to have been involved in helping to complete the deal.”
Paul Clark, director of investment, The Crown Estate, said: “Our critical mass and specialist skills in the retail park sector have been key in helping us secure this landmark partnership, which brings our total third party funds managed in joint ventures to over £1 billion and further strengthens our ability to invest across our core sectors.”
Fosse Park attracts over eight million shoppers a year and at 560,000 sq ft is one of the largest in the UK. Current tenants include: M&S, GAP, New Look, Clarks, Boots, Next, River Island, Argos, DFS, Thorntons and Costa Coffee.
The acquisition is the largest in The Crown Estate’s history and further strengthens its position as one of the UK’s leading owners of prime regional retail property. Its portfolio of retail and leisure assets now totals £1.8bn and includes 16 retail parks in places such as Newcastle, Aintree, Nottingham, Swansea, and Cheshire, together with interests in three shopping centres, such as Exeter’s Princesshay and Oxford’s Westgate Centre.
Boodle Hatfield advised the vendor Abbey Group and Foyleside Group. Hogan Lovells advised The Crown Estate on the English Limited Partnership and Nabarro advised Gingko Tree Investment Ltd.
