The real estate team at national law firm Shoosmiths has advised leading games retailer GAME on the sale and leaseback of its head office premises and distribution centre in Basingstoke.
The listed company sold its freehold property interests of the distribution centre and head office buildings to Portsmouth Estate Developments Ltd for £13.5m.
The new lease for the distribution centre and head office property is for an initial 17-year term with a tenant only break clause after 12 years and an annual rent on commencement of £1.06m.
GAME will continue to operate its principal UK activities from its Basingstoke head office and continue to use its distribution centre as its primary UK store and online storage and fulfilment centre.
Shoosmiths' real estate partner Andrew Farmery led the deal with assistance from senior associate Brian Hession and tax associate Sara Mardell.
Shoosmiths' Andrew Farmery, said: 'It was a pleasure to advise Game on this strategically important real estate transaction which will enable Game to roll out their exciting new investment plans for new gaming arenas across their stores.'
Mark Gifford, CFO at GAME said: 'We are very pleased with the advice Shoosmiths has given us on all real estate and tax aspects to this deal. I was really impressed with the way that the Shoosmiths team dealt with the matter so quickly and efficiently.'
Shoosmiths' national real estate team services a wide variety of clients across the UK on real estate, construction, planning, property litigation and environmental issues.
Clients range from commercial and residential developers to investors, retail and leisure operators and public sector bodies including Bellway, St Modwen Properties PLC, Allied London, Marstons, Northwood and Galliford Try.