Gowling WLG advises the Crown Estate on purchase of Leicester site to build Fosse Park Shopping Centre

23 September 2016

In December 2015, Gowling WLG completed the transaction that saw client The Crown Estate and its partner Gingko Tree Investment Limited - together Fosse Park West LLP - acquire the 12.5 acre Castles Acre site in Leicester from Everards Brewery. The site will be used to build a 150,000 sq ft extension to the Fosse Park shopping centre.

The acquisition was the largest to date in The Crown Estate's portfolio. Gowling WLG worked to an extremely demanding timetable of just three weeks to secure the deal, advising on the bid process and then exchanging contracts. A huge amount of due diligence was required in order for the deal to be turned around to deadline, but the team managed it in only ten days.

Partner Rabinder Chaggar led the deal, supported by fellow real estate partner Myles Kiely and real estate senior associate Simon Wade. Partner Philip Baker provided construction expertise. Partner Elliot Weston advised on the tax aspects of the deal. The team worked closely with The Crown Estate's Deputy Head of Urban and Head of Central London James Cooksey and Head of Regional Portfolio Hannah Milne.

The deal was the largest acquisition in the Crown Estate's 1,000 year history and its portfolio of assets now total over £1.8bn.

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