Shoosmiths advises on Festival Place Shopping Centre disposal

Shoosmiths advises on Festival Place Shopping Centre disposal


Author: Simon Griffiths

National law firm Shoosmiths has advised TH Real Estate (THRE) on the disposal of Festival Place Shopping Centre in Basingstoke, one of the UK's largest single site real estate deals of 2015.

Shoosmiths, newly confirmed as UK Law Firm of the Year in the 2015 British Legal Awards, was appointed by THRE to act on the sale having been involved on the scheme since acting on its purchase in 2012. The 1.1m sq. ft. shopping centre was acquired by AEW Europe.

Festival Place is a dominant town centre scheme with a strong line-up of anchor tenants, including Debenhams and Marks and Spencer, and other national and international brands, including Next, Apple, H&M, Zara and New Look.

The centre also has a significant leisure offer with a ten screen Vue multiplex cinema and around 20 restaurants.

The Shoosmiths team - led by real estate partners David Morley and Nathan Rees - comprised more than 25 legal advisors from across a number of practice groups. The buyer was advised by Mayer Brown (led by real estate partner Chris Harvey and corporate senior associate Dominic Palmer)

Commenting on the deal, David Morley said: 'We were delighted to be given the opportunity to assist TH Real Estate on this significant deal. Our appointment is testament to the excellent relationship we have established with this client and validates our focus on providing exceptional client service in all areas. Top tier investment deals like this are firmly in our sights and this one clearly demonstrates our capabilities in this market as well as being reflective of Shoosmiths' progress and growth over recent years. I have to add that the Mayer Brown team were a pleasure to deal with. Both firms worked together constructively throughout, which greatly assisted in getting the deal over the line'