Macfarlanes has acted for the UK Property Income Fund II (“PIF II”) on the acquisition of The Grafton Centre in Cambridge.

The Grafton Centre was purchased from M&G Real Estate for £99m and comprises 500,000 sq ft of retail and leisure space, an eight-screen Vue cinema and a food court.

PIF II is managed by Legal & General Property (“LGP”) and this latest acquisition takes its assets under management to £372m. Last year, Macfarlanes advised LGP on the launch of PIF II and its subsequent investments in the Overgate Shopping Centre in Scotland and two city centre buildings in Birmingham's business district.

The acquisitions were led by real estate partner Clare Breeze, supported by senior counsel Felicity Lindsay. Tax advice was provided by partner James McCredie while banking and finance partner Jat Bains advised on the finance aspects and construction advice was provided by partner Angus Dawson.