Both Fladgate Fielder, which acted on the property aspects of this deal, and corporate adviser DJ Freeman have longstanding relationships with Capital & Regional (C&R). At Fladgates, the C&R relationship has been developed by property partner Eammon Cannon. Other recent Fladgates deals C&R include its joint venture to develop the integrated retail and leisure scheme Xscape in Milton Keynes at a total as-built cost of £100m, and the £75m development of Cardiff Bay International Sports Village.
The joint venture arrangements with Hermes Property Unit Trust were structured as a limited partnership and saw C&R taking on a property management and development role for Hermes.
C&R’s investment was financed partly by a loan from Fortis Bank, advised by property partner Anthony Judge and banking partner Michael Bardell at Travers Smith Braithwaite. DJ Freeman property finance partner Stephen O’Brien advised C&R on this financing. C&R also instructs Nabarro Nathanson, Olswang and more recently DJ Freeman on property work.