Olswang has advised long-standing client F&C REIT in a transaction to acquire the Dollar shopping centre portfolio in a club deal from the Grosvenor Estate for a total consideration of approximately £250m.
With a £7bn-worth global portfolio of properties under management, F&C REIT now adds the 1.1-million-square-foot high-quality retail portfolio to its assets, with shopping centres in Burton (Coopers Square), Grimsby (Freshney Place) and Inverness (The Eastgate Centre).
The sites have 230 units in total leased to national and local tenants, including BHS, Boots, H&M, Marks & Spencer, Next and Primark. The schemes are anchored by a number of large UK retailers with a total weighted average unexpired lease term on a portfolio basis of 10 years.
Partners Simon Kanter and Alan Karsberg led the transaction, with support from partners Ruth Marken, Moni Mannings, Natasha Kaye and Anthony Tulloch; senior associate Jackie Roodyn; associates Fiona Smith, Tristam Fitzhugh, Tamsin Bernard, Helen Balliger, James Norton and Jacob Gilkes; and trainee solicitors Sam Morris, Adam Burrage and Samuel Sherwood.
Maclay Murray & Spens advised F&C REIT on the Inverness property and Nabarro acted for the Grosvenor Estate.