Osborne Clarke, Bond Pearce act jointly for Kandahar

Bond Pearce, Jones Day and Osborne Clarke have advised on the £240m sale of Plymouth’s Drake Circus Shopping Centre to British Land.

Drake Circus majority unit holder Kandahar Real Estate turned to both Bond Pearce and Osborne Clarke.

Head of corporate Adrian Bott led the Osborne Clarke team acting for longstanding client Kandahar on ­corporate, trust, tax and financing aspects.

Bond Pearce acted for the real estate investment group on property and employment issues, with a team led by real estate partner Tim Burbidge. The firm has been involved throughout the ­letting, construction and refinancing of Drake Circus, as well as the recent sale.

On the purchaser side Jones Day private equity partner Neil Ferguson and real estate co-head David Roberts acted for British Land.

Bott said: “The deal had a particularly complex structure and numerous offshore aspects to manage. The various firms involved worked well together and successfully completed the deal within a very tight timescale.”

Freshfields Bruckhaus Deringer real estate partner Mark Wheelhouse advised minority unit holder P&O Property Holdings.

Drake Circus opened in 2006 and is the West ­Country’s most popular retail ­destination.