BLP, Maples snap up shopping centre sale

Berwin Leighton Paisner (BLP) and Maples Teesdale have acted on a deal that sees a string of shopping centres that had been ­funded by a Lehman Brothers loan sold to the fund UK Commercial Property Trust (UKCPT).

Neil Sagoo
Neil Sagoo

Riverside, Darwin and Pride Hill shopping centres in Shrewsbury were bought for an estimated £61m. The original owner – a Protego fund - plunged into ­negative equity and Hatfield Philips was subsequently appointed as special servicer to the Lehman loan.

Maples Teesdale partners Shehrnaz Dolasa and Mark Bryan led a team advising its longstanding client UKCPT, which is managed by Ignis Asset Management.

Maples partner Neil Sagoo, who was part of a firm-wide team, said: “It’s involved pretty much everybody in the firm. We’re a niche commercial property firm and on this particular matter there were over 120 occupancy leases to review.”

The receivers, GVA ­Grimley, were advised by BLP partner John Kelsey and senior associate Dipak Vaghela.