Mishcon de Reya has advised Brookfield on the sale of seven retail parks to British Land.
The sale, valued at approximately £440 million, adds to British Land's significant retail park portfolio, which now represents 32% of its total holdings. The retail parks, with a £29.5 million passing rent and 99% occupancy, are high-quality and feature major superstores.
Simon Hart, Head of Commercial Real Estate at Mishcon de Reya, commented: "We are delighted that we were able to support the team at Brookfield on this transaction, having previously advised on the initial acquisition and subsequent asset management of all nine parks. Throughout the lifecycle of this investment, Brookfield have increased operational performance, increased overall occupancy and grown net operating income. This underlines the investment opportunities that still exist in the retail sector; a sector that Mishcon has longstanding expertise in."
Simon Hart, Matt Bowles and Krista Holliston from Mishcon de Reya's Real Estate department led on the sale. Ross Bryson and Troy Featherstone advised on corporate aspects of the deal.
With over 130 fee earners including 43 partners, Mishcon de Reya's Real Estate department is one of London’s largest and most diverse property teams. Our Real Estate department comprises well-regarded specialist practice areas and provides a one stop shop for all of our clients' property requirements. The team provides a seamless service from investment, structuring, funding, acquisition and planning, through to construction, development, tax and litigation advice.