Hogan Lovells Advises Hermes Real Estate on Westfield Acquisitions
21 February 2012
LONDON, 21 February 2012 - Hogan Lovells advised Hermes Real Estate Investment Management Limited (HREIML) on its acquisition from Westfield of a 50% stake in three shopping centres with a combined value of £400m, giving HREIML full ownership of the centres.
HREIML will also take over the asset management of each of the centres (Royal Victoria Place, Tunbridge Wells; the Friary, Guildford; and Castlecourt, Belfast) from Westfield.
Hogan Lovells drew on their broad expertise fielding a team led by real estate partner Gill McGreevy with fellow real estate partners Jackie Newstead and Michael Stancombe, supported by associates Sarah Brown and Sheena Ray and teams; with investment funds partner James McDonald and associate Amelia Hulme leading on the funds and corporate transaction; also supported by tax partner Philip Gershuny and senior associate Lee Squires; employment partner Elizabeth Slattery; pensions associate Jim Davis; IP partner Sahira Khwaja and associate Danielle Amor; construction Of Counsel Rosemary Miller; planning Of Counsel Claire Fallows and banking partner Andrew Welbourn.
Commenting on the transaction, Gill said:
"We are delighted to have advised HREIML on these important acquisitions which represent strategic additions to its retail portfolio."
Chris Taylor, CEO of Hermes Real Estate Investment Management Limited, said:
“This acquisition is consistent with our UK real estate strategy of taking control over assets which offer good long term value and which will benefit from the application of our excellent asset management capabilities.
“It was gratifying to observe how well the Hogan Lovells team interfaced with Hermes Real Estate to ensure a successful outcome.”
Johns Elliott dealt with Northern Ireland aspects of the deal and Mourant Ozannes advised HREIML on Jersey matters.
Westfield's legal advisers were led by corporate partner Michael Goldberg of SJ Berwin with support from DAC Beachcroft, Freshfields Bruckhaus Deringer, Berwin Leighton Paisner and Charles Russell and, on Northern Ireland aspects, Johns Elliott.