Dickinson Gleeson has advised LSE-listed Land Securities Group on its £332.5 million acquisition of a portfolio of three outlet centres from Hermes Investment Management.
The portfolio comprises Freeport Braintree in Essex; Clarks Village in Street, Somerset; and J32 in Castleford, Yorkshire, and generates annualised net rental income of £21.6 million.
The properties were held through a complex ownership structure and the acquisition was structured as a purchase of units in two Jersey Property Unit Trusts.
Dickinson Gleeson also advised on the restructuring of the acquired group soon after completion of the purchase.
Corporate Partner Edward Scott and the Dickinson Gleeson team worked alongside English law firm Eversheds-Sutherland. Mourant Ozannes acted for Hermes Investment Management, alongside BLP.