Olswang advised long-standing client F&C REIT in a transaction to acquire the Dollar shopping centre portfolio in a club deal from the Grosvenor Estate for a total consideration of approximately £250 million. 

With a £7 billion worth global portfolio of properties under management, F&C REIT now adds the 1.1m sq ft high-quality retail portfolio to its assets, with shopping centres in Burton (Coopers Square), Grimsby (Freshney Place) and Inverness (The Eastgate Centre).

The sites boast 230 units in total leased to national and local tenants including BHS, Boots, H&M, Marks & Spencer, Next and Primark. The schemes are anchored by a number of large UK retailers with a total weighted average unexpired lease term on a portfolio basis of 10 years. 

Zvi Noé, Director of Investments at F&C REIT, commented: "We are delighted to have once again worked with longstanding partners and brought together two new clients into the deal, highlighting the broad spread of investors we are able to bring together."

"Working alongside Olswang was important in the success of such a complex transaction and we look forward to working on similar transactions with them in the future."

Simon Kanter, Partner at Olswang, commented: "Securing the Dollar shopping centre portfolio was a pleasure, as it includes a very attractive set of sites which are all well established and dominant in their respective town centres, guaranteeing a strong return for our longstanding client F&C REIT. Investors in this transaction included investors from South America and Turkey, further confirming the attractiveness of UK real estate to overseas investors. The deal also shows the power of F&C REIT to use its expertise in adding value to real estate, in order to attract equity and debt finance, as well as source attractive stock in what remains a very challenging real estate market."

Partners Simon Kanter and Alan Karsberg led the transaction, with support from Partners Ruth Marken, Moni Mannings, Natasha Kaye and Anthony Tulloch, Senior Associate Jackie Roodyn, Associates Fiona Smith, Tristam Fitzhugh, Tamsin Bernard, Helen Balliger, James Norton and Jacob Gilkes, as well as Trainee Solicitors Sam Morris, Adam Burrage and Samuel Sherwood.

Maclay Murray & Spens advised F&C REIT on the Inverness property, and Nabarro acted for the Grosvenor Estate.

http://www.olswang.com/news/2013/04/olswang-acts-for-fc-reit-in-acquisi…