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Nabarro acts on this year’s largest retail deal
14 July 2009
Nabarro LLP acted for longstanding client, Land Securities, on the letting of retail space at Lakeside Retail Park, Thurrock by its subsidiary, Ravenside Investments Limited. The deal involved the relocation of leading high street brands Marks & Spencer plc and DSG Retail Limited (the owner of electrical store Currys).
Nabarro advised Land Securities on Ravenside’s surrender of existing leases and grant of new leases to Marks & Spencer and DSG, as well as the surrender of existing leases with the now insolvent furniture store, ILVA, which previously occupied the space. The transaction was completed in a very tight timeframe to ensure DSG could open its new Currys Megastore this year whilst enjoying continuity of trade from its existing store on the retail park.
The new store in Thurrock, Essex, which will trade over two floors across 101,500 square feet, will establish Lakeside Retail Park as the epicentre of electrical retailing in the region, and is reportedly the biggest retail agency deal of the year to date.
Nabarro real estate senior associate, Clare Thomas led the transaction with assistance from associate Andrew Brockett. SJ Berwin LLP acted for Marks & Spencer, DSG was advised by DLA Piper UK LLP and ILVA was advised by CMS Cameron McKenna LLP.
Commenting on the transaction, Clare said:
“We are delighted to have advised on this transaction for our longstanding and valued client. Acting on such a significant and complicated deal is testament to the firm’s real estate expertise. This transaction, along with others we have completed for Land Securities recently, illustrates the company's growth and development whilst providing evidence of the revival in the fortunes of retailing, particularly in the struggling out of town retail market.”
If you would like any further information or have any queries please contact:
Natalie George
Lansons Communications
T +44 (0)20 7294 3691
natalieg@lansons.com
