Forsters advise Rockspring on regional shopping centre acquisition
Forsters has acted on behalf of Rockspring Hanover Unit Trust on the acquisition of Green Lanes Shopping Centre in Barnstaple, Devon from British Land.
The transaction was structured as the acquisition of the units in a Jersey Property Unit Trust (JPUT) together with the acquisition of the shares in the trustee companies for a purchase price of £36.1 million.
Comprising 131,000 sq ft of retail and leisure space, the Centre has a net operating income of over £2.5 million with tenants including New Look, River Island, Wilko, BHS and Topshop. Forsters has been retained to advise on all management matters arising going forward on the Centre.
Commercial Real Estate partners, Victoria Towers and Martin Halling dealt with real estate aspects of the transaction. Head of Construction, Sarah Cook advised on construction matters, assisted by Emily Holdstock. Corporate advice was provided by Craigie Pearson, who was assisted by Matthew Nelson. King & Wood Mallesons advised British Land.