LG wins work on USS joint property venture with Tesco

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 ;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.