Hogan Lovells Advises Henderson UK Property Fund on Silverhill Acquisition
18 January 2011
LONDON, 18 January 2011 - Hogan Lovells has acted for the Henderson UK Property Fund in its acquisition of the developer of the 600,000 square feet Silverhill Scheme in Winchester.
The two entities, Thornfield Properties (Winchester) Limited and Thornfield Properties (Winchester) No. 2 Limited, were disposed of by the administrators of their ultimate parent company, Thornfield Ventures Limited.
Progression of the proposed development has been at a standstill following the appointment of Deloitte as administrators to Thornfield Ventures Limited in January 2010.
The proposed scheme is the largest single development in the area since the Brooks Centre in the 1980's.
The scheme is scheduled for practical completion in 2015 and will comprise of 95,000 square feet of retail, 18,500 square feet of offices, an 11,000 square feet medical centre, 207 private residential flats, 100 affordable residential flats (35% of which will be socially rented), around 168 residential car parking spaces and 330 public car parking spaces.
Oliver Chamberlain, senior associate in Hogan Lovells real estate team, said:
"We are delighted to have assisted our longstanding client, the Henderson UK Property Fund, in the acquisition of the two Thornfield entities. This transaction has provided our client with an exciting opportunity to work with Winchester City Council to substantially enhance a significant part of Winchester City Centre. We are looking forward to assisting the Fund further in the progression of this important scheme for this historic city."
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