Mishcon de Reya advised UK focused property investment and development company Helical plc on the disposal of its retirement villages portfolio to Legal & General for £102million. As part of the transaction, Helical has transferred the £46 million of debt secured against the portfolio to the purchaser and will receive 50% of the total net sale proceeds of £51m on completion, with the remainder deferred for 12 months.

The portfolio comprises four retirement villages located at Liphook in Hampshire, Faygate in West Sussex, Exeter in Devon and Great Alne in Warwickshire. The villages are at varying stages of development but on completion, the four schemes will deliver 694 units in total.

Gerald Kaye, Helical CEO commented: "We believe firmly that now is the right time to sell our interests in our retirement villages portfolio so we can focus solely on our core sectors where we expect to be able to generate stronger shareholder returns. Mishcon de Reya has been instrumental in the smooth completion of this large and complex transaction, capitalising on all the necessary expertise within its business. We continue to benefit from the extensive experience the firm has to offer."

Corporate Partner Richard Tyler and Real Estate Partner Simon Hart led the Mishcon team acting for long-standing client Helical plc.

Richard Tyler and Simon Hart commented: "This transaction shows the Corporate and Real Estate departments at Mishcon de Reya once again working closely together with input from other experts across the firm to deliver a comprehensive service to our clients. We're really pleased to have worked with Helical plc on another deal, having worked together for over 20 years. The nature and size of this transaction reflects the active deal market, despite wider uncertainty generated by Brexit."