Shoosmiths has worked with DCLM Commercial Property to help clinch a £110m deal for Marston’s. The law firm’s real-estate team provided legal advice to the independent and pub retailing business on a sale-and-leaseback transaction of 45 public houses.
Shoosmiths’ Vaqas Farooq and Lisa On-Iam led a cross-office team of nine real-estate specialists from Manchester, Birmingham and Edinburgh on the multi-million pound transaction. The firm’s tax partners Niall Murphy and Tom Wilde provided further expertise.
The deal — transacted over three phases — involved the sale and leaseback of 18 new-build public houses to Standard Life for £40.025m and 27 to Legal & General for £69.7m.
Shoosmiths worked closely with Marston’s and DCLM Commercial Property to put together an innovative finance structure. Centred on and around a leaseback structure, it involves, among other aspects, the freeholds reverting to Marston’s at no cost at lease expiry, culminating in competitive long-term financing.
DCLM Commercial Property’s Darren Moorhouse acted for Marston’s while Oliver Foster of Savills acted for Standard Life and Legal & General.
Law firm Addleshaws provided legal advice to Standard Life. Slaughter & May advised Legal & General.