TLT has advised long-standing client Town Centre Securities plc on the sale of four retail properties for a combined price of almost £34m.
The properties comprised two Waitrose stores in Scotland which were sold to Wire Oast for £23.2m, and an Aldi/Home Bargains store which was sold to Magell for just under £10.7m, both on a freehold basis.
TLT provided advice in relation to the conveyancing and, as a precursor to the sale, exercised a purchase option in a ground lease of one of the properties.
The TLT team comprised real estate partners Howard Beach and Andrew McCowan.
Andrew McCowan, partner at TLT, says:
“We’re delighted to have supported Town Centre Securities with these high-profile sales. The transaction involved some complicated conveyancing matters and, while the sales were unrelated, the second transaction needed to be timed to follow the first, and to proceed only if the other sale did so, adding an additional complexity to the contract drafting.
"Town Centre Securities have successfully navigated a challenging period as a result of the COVID-19 disruption, and this move to reduce their retail exposure and re-align their portfolio ensures they are well-placed to move forward beyond the current period of uncertainty.”