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EMW has acted on a £56m transaction to create a new shopping centre for Milton Keynes and add 10,000 seats to the MK Dons’ stadium in the town.
The firm acted for Inter MK, owner of MK Dons’ stadium, on the sale of the land and the development and funding of the new retail scheme. Inter MK will develop the scheme on behalf of the purchaser, the Crown Estate.
Partner Simon Ingram led the EMW team, which comprised of fellow partners Giles Ferin, Geoff Willis, Anna Stillman and David Danskin, and solicitor Marco Mauro. Lawrence Graham real estate partner Rabinder Chaggar led the team that advised the Crown Estate.
Senior associate Emma Oakley from Taylor Wessing acted for Inter MK’s bank, Clydesdale Bank.
The 235,000 sq ft scheme will include seven units and more than 600 car parking spaces. The cash generated from the development will enable the completion of the upper bowl at the stadium, increasing the capacity from 22,000 to 32,000 seats.
Work on the new scheme, known as the MK1 Shopping Park, will start within the next few weeks on land adjacent to the MK Dons’ stadium.
MK1 Shopping Park is scheduled for completion by autumn 2012.