Clifford Chance

Clifford Chance advises Hammerson on £254.5m retail park portfolio acquisition

Clifford Chance has advised long-standing client Hammerson plc on their acquisition of The Junction Unit Trust, comprising a portfolio of four prominent UK retail parks and a development site for £254.5 million, from various unit holders.

Clifford Chance partner and Head of London Real Estate, Jonathan Solomon, led the Clifford Chance team which advised Hammerson on all aspects of the acquisition including real estate, corporate, tax, regulatory and employment.

The acquisition includes four retail park assets (Thurrock Shopping Park, Lakeside; Forge Shopping Park, Telford; Imperial Retail Park, Bristol; and Abbotsinch Retail Park, Glasgow) and approximately 16 acres of a development site adjacent to Oldbury town centre. The total floor area of the acquired assets is 1.1 million square feet, with a 98%occupancy rate.

Commenting on the transaction, Jonathan Solomon said: "We were very pleased to be representing Hammerson on this major acquisition following the recent disposal of their office portfolio to concentrate on retail and feel that we were able to add real value with our one stop shop approach to this complex multi disciplinary transaction. The Junction Fund has been running for over 10 years and the legal structuring and considerable historic activity of the Fund required a careful approach to the transaction and close liaison with the Hammerson team to ensure the best outcome for the client".

Jonathan Solomon was assisted by lead Real Estate senior associates Geraldine Pigot and Anthea Bamford, who were supported by a number of Clifford Chance lawyers as well as external counsel from firms Carey Olsen and Dickson Minto. The various selling investors in the Fund were represented by Nabarros.

Clifford Chance has worked with Hammerson for many years, supporting them on a number of significant projects including Bishops Square in the City of London.