Shakespeare Martineau advises Capreon on a £164 million acquisition
Shakespeare Martineau LLP acted for existing client, Capreon, on the acquisition of two retail parks, Imperial Retail Park, Bristol and Fife Central Retail Park, Kirkcaldy, for a total consideration of £164 million.
Imperial Retail Park, covers a total of 32,200m2 and is the largest retail and leisure destination in South Bristol. The scheme is anchored by B&Q, The Range, HomeSense, M&S Foodhall, Next and Boots, and is currently 97% let.
Fife Central Retail Park, acquired in 2005, covers a total of 30,200m2, is 95% let and anchored by B&Q, Sainsbury’s, M&S Simply Food and Next.
The team was led by Kamran Rehman with Bruce Jury and Simon Robinson leading on the real estate aspects and Catherine Moss and Cem Usten on the corporate aspects of the deal. Richard Whyte and Elizabeth Ward of Brodies LLP advised on the Scottish Real Estate Law aspects of the Kirkcaldy acquisition and were integral to the team. The Shakespeare Martineau team included Oliver Gutman (tax), Lucy Saddington, David Vaughan, James Gooch, Simon Coghlan, Ian Graves, Mark Jones, Donna Barnes, Ruth Phillips, Danielle Cooper, Sabrina Umrani, Gillian Whaley and Penny Rogers (Real Estate and Planning).
Capreon is a partner-owned, real estate investment, management and advisory firm, borne out of more than 40 years of family investment in the market. Capreon operates throughout Europe and Israel with over £2bn in assets under management. Capreon is the real estate business of the Noé Group. Capreon’s assets are comprised of a broad range of traditional and alternative property asset classes, such as logistics, data centres, retail parks, shopping centres, office buildings, warehousing and industrial real estate.
Kamran Rehman, partner, Shakespeare Martineau, said: “This is an important acquisition for Capreon, which enhances the depth of its investment in the UK’s retail park sector significantly. We were pleased to field a strong cross-office team which delivered the deal smoothly and to time and we very much look forward to supporting Capreon going forward.”
Zvi Noé, Partner and Head of UK Real Estate, Capreon, said: “We very much enjoyed working with the Shakespeare Martineau team and their responsiveness, professionalism and commerciality helped us get this deal across the line on time and on budget, which was important to all parties.”