Gowling WLG's real estate team advised Realty Income Corporation (Realty) on the acquisition of 12 Sainsbury's superstores from British Land.

US-based Realty made its first international property acquisition, agreeing a £429 million deal to buy 12 UK superstores from a British Land and J Sainsbury joint venture.

British Land sold the superstores as part of a wider plan to slash its retail exposure. The transaction includes a sale-leaseback with Sainsbury's which includes annual rent increases over the duration of the lease term and carries a weighted average lease term of approximately 15 years.

Gowling WLG worked alongside US firm Gibson Dunn and Jersey firm Carey Olsen. The deal has further highlighted our ability to collaborate with US firms on major real estate transactions.

The team was led by John Burns and Michael Twining, with David Pettingale and Heather Manning each playing key roles. Due diligence support was provided by Rachel Kerr, Paul Lloyd, James Eddowes, Ranjit Srai, Emily Snell, Rory Chatterton, Mohammed Islam, Nisha Minhas, Para Vegad, Rezwana Chowdhury, Jessica Watterson and Elizabeth Wright.