Shoosmiths advises McKay on key acquisition

Shoosmiths advises McKay on key acquisition

Published:

Author: Kara Shadbolt

National law firm Shoosmiths has advised McKay Securities plc on the acquisition of a £8.75m mixed use leisure scheme in the heart of Woking.

Andrew Farmery

Shoosmiths' Thames Valley real estate team, including partner Andrew Farmery, associate George Panteli and solicitor Nick Dalgleish, advised McKay, a real estate investment trust (REIT), on the off market freehold acquisition of The Planets, a large leisure development in Woking from St Modwen plc.

The Planets occupies some 92,000 sq ft of prime site space in the centre of the Surrey town and lies adjacent to one of McKay's most recent acquisitions, 1 Crown Square, which Shoosmiths advised on in January this year. The combined holding represents a significant future redevelopment opportunity in this popular town centre.

This is the seventh acquisition Shoosmiths has acted on for McKay this year, totaling £70m of investment since McKay's capital raising of £87 million in February.

Shoosmiths partner, Andrew Farmery, said: 'This is a key acquisition for McKay and it presents a unique and exciting redevelopment opportunity, particularly with regeneration projects underway across the county.'

'This is the latest deal we have advised on for McKay, who are highly regarded as a leading REIT in the south-east. It has enabled them to add to their expanding portfolio of high quality real estate in the region.'

Managing director of McKay, Simon Perkins, said: 'We are very pleased to have added to our existing holding in central Woking with the acquisition of The Planets, which provides us with an attractive, secure income in a town which is ear-marked for significant regeneration.'

'Shoosmiths has provided us with some exemplary advice, guiding us through this acquisition process with precision, knowledge and expertise.'

Shoosmiths real estate group is one of the largest in the UK. Spread across seven offices and comprising 35 partners and 230 staff in total, it is made up of real estate, construction, planning, property litigation and environmental specialists.