LG ;has advised ;its longstanding client the Universities Superannuation Scheme (USS) on its purchase of a 50 per cent stake in a property portfolio joint venture with Tesco.
LG joint head of real estate Jon Lloyd and partner Dan Gwilliam led the team acting for USS, with assistance from real estate associates Will Fraser and Hannah Nicholls, corporate associate Claire Steel and tax associate Jonathan Legg.
The deal took five weeks to complete and involved the USS interest being placed ;into ;a ;Jersey Property Unit Trust. Tesco was advised by Berwin Leighton Paisner.
The transaction was among four separate sale-and-leasebacks recently completed by Tesco totalling £605m.
The closure of the USS deal coincided with LG joint head of real estate Rabinder Chaggar’s completion of the due diligence on Whitbread’s acquisition of 21 Mitchells & Butlers hotels as part of an asset swap.