Wragge Lawrence Graham & Co (WLG) fielded a team of real estate and corporate specialists, backed up with the expertise of banking, insurance, tax, planning, construction and employment solicitors, to advise new client New Frontier Properties Limited on its purchase of Houndshill Shopping Centre in Blackpool for £105 million.
The 302,000 sqft shopping centre has 65 retail outlets and 750 car parking spaces and is populated with major retailers including Debenhams, Next, River Island and H&M.
Real Estate partner Nisha Jassal led a large team, including senior associates Rachel Kerr and Raj Hothi, on the property due diligence. The Corporate team was led by partner Sharon Ayres and included associate Lauren Grieve. Commercial Development and Investment chairman, Robert Caddick, provided input on the real estate and commercial aspects of this acquisition.
Nisha Jassal said: "This was a complex transaction, requiring a large team of lawyers to work together to ensure the due diligence and other aspects were met on time and any issues satisfactorily addressed. New Frontier is an ambitious and dynamic player in the real estate market and we are very excited to be working with its team on this asset."
The team was responsible for carrying out all the corporate and property due diligence, with partner Colin Hurt and senior associate Dale Roberts (banking). Director Zoe Fatchen (tax) and director Sam Holland (insurance) providing valuable specialist advice.
New Frontier has begun a major investment drive into the UK retail market. It is listed on the Mauritian exchange and has a secondary listing on the Alternative Exchange of the JSE. New Frontier is backed by South African REIT Rebosis Property Fund, which owns a controlling stake in the company. It is being advised by Coady Supple and Lunson Mitchenhall.
Mike Riley, CEO of New Frontier, praised the collaboration between WLG and the wider professional team and said: "It was great teamwork all round and we really appreciated WLG's support on this significant acquisition."
Partner Sharon Ayres said: "We enjoy handling large, complex, cross-sector and cross-border deals - and this was no exception. Our experience enabled us to meet the various challenges and help secure a great result for New Frontier."
Houndshill shopping centre will be managed by Waypoint Asset Management on behalf of New Frontier. The sellers, Blackstone and Catalyst Capital, were advised by Cushman & Wakefield.
WLG's Real Estate team is one of the largest in the country, with more than 275 experts in its ranks, including more than 50 partners. Named Real Estate Team of the Year at the Legal Business Awards 2015, it offers commercial, practical advice to some of the UK's largest property investors, developers, landowners and councils.
