We advise Capreon on £175m sale of retail park duo

We advised Capreon, part of the Noé Group, on the sale of retails parks in Bristol and Fife.

The parks were sold to US-based Realty Income Corporation for £175m.

Imperial Retail Park in Bristol is a 350,000 sq ft retail and leisure scheme anchored by B&Q, The Range, M&S, Next and Boots. Fife Central Retail Park in Kirkcaldy covers 325,000 sq ft and includes tenants such as B&Q, Sainsbury’s, M&S and Next.

Our team was led by London real estate partner Simon Robinson, alongside fellow partners, Catherine Moss (corporate), Grant Doherty (banking) and Paul Wakefield (planning).

Upon completing the sale, Simon Robinson said: “Having purchased the portfolio in 2018 and worked alongside the Noé Group for five years managing the assets, creating value and reinforcing the offering, it was great to integrate further with the ever-excellent Capreon team in selling the two parks.

“The deal, from inception to completion, was finalised in an impressive timeframe, which exemplified the value of working collaboratively with our clients across teams, disciplines and with a clear focus.”

Barny Jenkins, general counsel from Capreon, said: “The Shakespeare Martineau team was excellent and demonstrated a high level of knowledge and experience in dealing with the transaction that completed in a tight timeframe.

“The team, led by Simon Robinson, has worked with Capreon on its acquisition of the retail parks and continued to advise on the management of the asset through to this recent sale. Shakespeare Martineau has always demonstrated the perfect combination of knowledge, insight, experience, dedication, patience, hard work and, of course, excellent legal advice.”

The Edinburgh office of Brodies LLP assisted in relation to the Fife retail park, having managed the park since purchase of the parks in 2018 alongside Shakespeare Martineau.

The Shakespeare Martineau team included also Marie-Therese Harper and Deeya Ray (corporate); Lucy Saddington, Danielle Cooper and Georgina Tilley (real estate); Jayne Meakin (construction); and Yasmin Sandhu (planning).