Wragge Lawrence Graham & Co's Real Estate team has advised The Crown Estate on the purchase of a 12.5-acre Castles Acre site in Leicester from Everards Brewery. The deal is set to create a 150,000 sq ft extension to Fosse Shopping Park, purchased last September.
The site is being acquired through Fosse Park West LLP, a partnership between The Crown Estate and Gingko Tree Investment Ltd - the joint venture parties which acquired Fosse Shopping Park in 2014. Everards Brewery is the seller and the Next Group Plc is co-promoter of the new scheme, which will bring a further 150,000 sq ft of retail and leisure space to the existing park, including shops, restaurants and cafés.
Partner Rabinder Chaggar led the deal, supported by fellow real estate partner Myles Kiely and real estate senior associate Simon Wade. Partner Philip Baker provided construction expertise. Partner Elliot Weston advised on the tax aspects of the deal. The team worked closely with The Crown Estate's Deputy Head of Urban and Head of Central London James Cooksey and Head of Regional Portfolio Hannah Milne.
Rabinder Chaggar said: "This deal marks another exciting step in The Crown Estate's and the Partnership's strategy to make Fosse Shopping Park the premier retail park destination in the UK. Having advised our client on its £345 million acquisition of the existing park we were delighted to act on the next stage to enhance Fosse Park as a market leading retail environment. We are pleased to have helped bring such a high-profile deal to a conclusion and see Fosse Park go from strength-to-strength."
Fosse Park is recognised as one of the most successful retail parks in the UK, attracting more than eight million shoppers a year. Spanning 560,000 sq ft, the development is one of the largest retail parks in the country and is home to many leading brand names; such as Marks & Spencer, GAP, New Look, Clarks, Boots, Next, River Island, Argos, DFS, Thorntons and Costa Coffee.
The Crown Estate is an independent investment business, created by Act of Parliament. It manages a £11.5 billion property portfolio and in 2014/15 delivered a net revenue profit of £285.1 million. Wragge Lawrence Graham & Co has worked with The Crown Estate since 2011, advising on a range of real estate matters including acquisitions, funding and management of retail parks and shopping centres forming part of its regional portfolio.
Shakespeare Martineau LLP acted for Everards Brewery and Eversheds LLP for Next Group Plc.
Wragge Lawrence Graham & Co is home to one of the UK's largest real estate practices. With more than 270 real estate lawyers (including more than 45 partners), it offers clients a comprehensive range of legal services along with expertise in all major established and emerging asset classes. An award-winning team it received the title of 'Real Estate Team of the Year' at The Legal Business Awards 2015 and is named a national leader in Chambers UK 2015.
