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Nabarro advises JV on innovative Sainsbury's Wandsworth deal

30 June 2011

Nabarro has advised The Harvest Limited Partnership (Harvest) – a joint venture between Land Securities and Sainsbury's – on a £51 million investment disposal to PRUPIM of its Sainsbury's store site in Wandsworth.

Following the disposal, Harvest is to act as development manager in carrying out a redevelopment of the site which will comprise a mixed use scheme including a 120 bed hotel, 5,500 m2 of additional supermarket floor space, a learning centre, coffee shop and an additional retail unit.

Nabarro advised Harvest on the planning, deal structuring, tax, real estate and construction issues required for the delivery of this development.

The transaction has allowed Harvest to crystallise the development value on the site by forward selling its interest to PRUPIM before committing to carry out the development.

John Cumpson, partner who led the Nabarro team, said:

"This transaction is another great example of Nabarro's development experience helping its client to profit from complex opportunities. We advised on the creation of the Harvest joint venture back in 2007 and are delighted our ongoing relationship continues to deliver value for the joint venture."

Other members of the Nabarro team advising Harvest include: Louise Jones (senior real estate associate); Ed Morgan (senior corporate associate); Joshua Risso-Gill (planning partner); Phil Anderson (senior tax associate); Kathryn Hampton (planning associate) and Tom Marke (senior construction associate).

For further information, please contact:

Alex Bellinger
PR & E-Communications Manager
a.bellinger@nabarro.com
T +44 (0)20 7524 6391