Nabarro advises Land Securities on £113.4m joint venture with Sainsbury's
11 December 2007
Nabarro had advised Land Securities on the creation of a 50:50 joint venture with Sainsbury's, announced today with Land Securities 2007 interim results. 'The Harvest Limited Partnership', comprises three Sainsbury's stores in Hull, Thanet and Wandsworth. The portfolio is valued at £113.4m and initially due to run for seven years, with the intention to add further properties and actively pursue suitable opportunities together.
The combination of retail and development expertise will be utilised to develop the sites, which all have potential beyond standard store extension with the possibility of mixed-use schemes. Land Securities has contributed the Hull store, with Sainsbury’s providing the other two. The sites will all be let to the supermarket giant on new 25-year leases.
Christopher Luck, Corporate Real Estate partner, who led the team, commented:
'We were delighted to act for Land Securities on this important and eye-catching joint venture, which provides strategic value for both the parties. The venture will create current and future opportunities at a time when property is very much in the public eye.'
Nick Brown and Barney Hearnden from CMS Cameron McKenna acted for Sainsbury’s.
For further information, please contact:
Chris Luck
Partner, Nabarro
T +44 (0)207 524 6294
c.luck@nabarro.com
