Forsters‘ property fund practice is gathering pace after the firm was
chosen by the newly created Active Retail for its inaugural acquisition.
Scottish-based Active Retail was set up this year and brought Forsters on
board for its £11.5m purchase of the Priory Centre.
Smita Edwards, a commercial property partner at Forsters who is
responsible for the burgeoning Active Retail relationship, said it was not
required to pitch for the deal. Instead, Active Retail sought the firm out
after advising real estate fund Northern Retail Property.
The fund, which is backed by seven large institutional investors including
Scottish Widows, is similar to Active Retail in a number of ways, including
its Scottish roots, though recently its purchases have fluttered around the
£1m mark as opposed to Active Retail’s first multimillion pound outing.
Edwards said: “The retail market is very active at the moment and we’re
hoping [Active Retail] will be an ongoing relationship.”
Kuit Steinart Levy’s managing partner and commercial property specialist
Jonathan Marks advised the vendors on the sale of the Priory Centre, while
Christian Hook, a former corporate partner at Dundas & Wilson who
joined Morton Fraser in October last year, acted on the original formation
of Active Retail.