Slaughters and Nabarro bag LandSecs demerger

Slaughter and May is advising Land Securities on corporate aspects of its three-way de-merger that the company announced yesterday (15 November).

Corporate partner Gavin Brown will be leading the team, while Nabarro expects to be playing a “coordinating role on real estate” aspects of the reorganisation, according to relationship partner Nicholas Vergette.

The UK’s largest REIT will split into three separate parts – outsourcing arm Trillium, London and retail operations – following a drop-off in share price this year.

Trillium, which has historically been run as a more self-contained business entity, will continue to be managed by Ian Ellis. Mike Hussey will keep his role as head of the London portfolio, while CEO Francis Salway will take over retail operations.

The schedule for the break-up will be contingent upon market conditions and is expected to take at least 12 months.

Nabarro corporate real estate partner Chris Luck recently advised Land Securities on the formation of The Harvest Limited Partnership – a seven-year 50:50 JV with Sainsbury’s. The JV will have a market value of £113.4m amd will include three different sites around the UK.

CMS Cameron McKenna real estate partner Nick Brown and corporate partner Barney Hearnden acted for Sainsbury’s.