Ogier provides Jersey law advice to Intu regarding shopping centre acquisitions
Ogier has assisted Intu Properties as to matters of Jersey law relating to the structuring of its acquisition of a 50 per cent interest in Merry Hill shopping centre and 100 per cent interests in Derby shopping centre and Sprucefield retail park in the UK from Westfield for a total purchase price of £867.8m.
Intu is a UK shopping centre owner, developer and manager and already had interests in 17 UK shopping centres prior to this acquisition, including Intu Trafford Centre and Intu Lakeside as well as a majority stake in Intu Metrocentre.
Intu has entered into agreements with Westfield and certain joint venture partners to acquire the interests in the three properties and the purchase price is funded by a £500m rights issue and new debt facilities.
Westfield’s 50 per cent stake in Merry Hill will be acquired for £407.7m. It is a super regional prime shopping centre in the West Midlands and is located 10 miles west of Birmingham. Derby will be acquired for £390.3m and is an enclosed town centre shopping centre. Sprucefield will be acquired for £69.8m. It is a retail park in Northern Ireland originally developed in 2003.
The Ogier legal team consisted of partner Raulin Amy, managing associate Richard Daggett and associates Amy Galley, Chula O’Donoghue, Emily Barette and Kylie Maguire. Administration services were provided by Ogier Fiduciary Services, led by associate director Jane Clayton, manager David Pearce and associate Lawrie Cunningham.
Ogier was instructed by Macfarlanes as to corporate matters and Linklaters as to banking matters.
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Formal, court-driven restructuring proceedings are available into Luxembourg law, but for practical reasons, these are rarely used in practice.
Luxembourg is one of the leading domiciles worldwide for international investment vehicles.