Wragge & Co’s real estate specialists have advised Intu Properties plc (Intu) on its £250 million acquisition of Midsummer Place Shopping Centre from Legal and General. A cross-firm team enabled the shopping centre owner, operator and developer to exchange contracts in just two weeks.
Midsummer Place, located in central Milton Keynes, has more than 420,000 sq ft of space, providing 50 retail units. The £250 million acquisition represents an initial net yield of 5.1% based on current net rents of £13.4 million and a nominal equivalent yield of 5.5%. Completion is scheduled for the end of March 2013.
Real estate partner Huw Roberts led a cross-firm team of experts including real estate associates Lorraine Reader and Matthew Walker, tax partner Lee Nuttall and associate Chris Nyland, construction solicitor Alex Riddell and employment associate Georgina Houghton. The team worked closely with Intu in-house real estate counsel Mark Sadler and asset management director Jonathan Ainsley.
Intu (formerly Capital Shopping Centres Group PLC) currently owns and operates 15 shopping centres in the strongest locations across the country, including 10 of the top 25. More than 80,000 people are employed at its centres. Wragge & Co has advised the company since 2010.
Duncan Maclaurin of Lawrence Graham represented Legal and General.
Providing a sector-focused service, Wragge & Co’s real estate specialists act for investors, developers, major corporates, financial institutions, housing associations and local authorities in the UK and worldwide.
Real estate highlights from the past 12 months include advising Roxhill Developments on its joint venture with Forth Ports Limited to develop London Distribution Park at the Port of Tilbury; acting for long-standing client St. Modwen on a £2 billion deal to redevelop New Covent Garden Market and advising Vodafone UK on its intention to strengthen its existing network partnership with Telefónica UK.
