King & Wood Mallesons SJ Berwin has advised Invesco Real Estate on the acquisition of the Queensgate Shopping Centre in Peterborough. The property was bought from property giant Hammerson and insurance firm Aviva Investors for just over £200 million and was in part acquired with debt financed by Aareal.

The 83,300 sq m Queensgate mall, which was built in 1982, holds over 100 shops with tenants spanning from John Lewis, M&S and Primark.

The complex structure under which the asset was held necessitated the deployment of King & Wood Mallesons SJ Berwin’s specialist Corporate Real Estate and Finance teams. Their expertise in navigating the demands of similar structures in acting for Invesco Real Estate on previous transactions was a huge contributing factor, ensuring that the transaction proceeded within the tight timescale originally contemplated.

Darren Rogers, Real Estate Partner at King & Wood Mallesons SJ Berwin, said: “Given the momentum shift in the market towards high quality regional assets, to secure Queensgate amidst stiff competition is a vivid illustration of the reputation and rapid growth of this fund as it crosses the £1 billion barrier.  We look forward to further supporting Invesco in their plans to reinvigorate the centre over the years ahead.”

The Corporate Real Estate team was led by partner Darren Rogers, assisted by senior associates Marcus Biggs, Simon Tager and Rachel Burns, together with Giles Bavister, partner in Corporate Real Estate Tax.  The financing was led by partner Simon Fulbrook and assisted by associate Natalie Carter.

Delivery on this transaction highlights the cohesive corporate real estate offering that King & Wood Mallesons SJ Berwin has at its disposal, bringing together specialists in traditional practice areas of property, corporate, tax and finance into one team as the heart of this sector.

King & Wood Mallesons SJ Berwin’s Corporate Real Estate team continues to be market-leading and in 2013 acted on a number of high profile deals including:

 >  The disposal of Ropemaker Place and Paddington Central with a combined value of £1 billion for British Land;
 >  The disposal by Blackstone of its 50% interest in the £3.4 billion Broadgate campus and the new joint venture arrangements with GIC, the state investment fund of the Singaporean government.