Ashurst has advised long standing client Invesco Real Estate (IRE), a global real estate investment manager, in relation to the acquisition of a 50% interest in one of London’s largest shopping centres, the 630,000 sqft Southside Shopping Centre in Wandsworth, South London, resulting in a new 50/50 partnership with listed property company, Land Securities plc who will take over the asset management of the centre from Delancey. The deal which values the centre at £300M sees IRE acquiring the 50% interest in the asset from Delancey held through a Jersey limited partnership together with the negotiation of the new joint venture and asset management arrangements with Land Securities.

Darren Rogers, Partner – Ashurst commented "With an asset of this quality and the complexity of the structure and transaction this demanded a thorough understanding of the nature of the asset, active management of each concurrent workstream and empathy for the interests of each of the interested parties. We are proud to have supported Invesco on this acquisition and demonstrate our ability to deliver market leading transactions of this type."

Andy Rofe, Managing Director – IRE says: "IRE is delighted to be partnering with a market leader such as Land Securities, which has a strong track record of shopping centre management and ownership. Southside is a super prime asset in a gateway city and we are excited to add this asset to our core portfolio and work with Land Securities to enhance the asset and ultimately deliver investment performance for our clients.”

The Ashurst multi disciplinary team was led by Darren Rogers with support from a core team of Patrick Williams, Devina Rana, Rachel Whittaker and Anisha D'Cruz  (Real Estate), Nick Cheshire, Harriet Levett, Tara Waters and Amber Walker (Corporate Real Estate),  Simon Swann and Tim Gummer (Tax) and Matthew Bool and Matt Pearson (Construction).

Delancey were represented by Olswang on corporate and tax aspects with a team led by Simon Morgan and Cliona Kirby and Jones Day on real estate aspects through Suzanne Davis.Land Securities were represented by Hogan Lovells with a team led by Sian Owles.