Trowers & Hamlins

Trowers & Hamlins LLP, the City law firm, has acted for The Crown Estate in their acquisition of a 50% stake in the Princesshay Shopping Centre, Exeter for close to £100 million.

The transaction involved a detailed landlord and tenant structure which was negotiated with the existing leaseholders (and developers of the scheme) Land Securities Group PLC.

The 530,000 sq ft city centre retail scheme was completed in September 2007.  Anchored by Debenhams, the scheme comprises over sixty retail units including fashion retailers Topshop, Zara, Reiss, Next, Cult and All Saints as well as restaurants La Tasca, Wagamama, Cafe Rouge and Giraffe.

Real Estate Partner, Michael Higginson led the Trowers & Hamlins team which included Property Partners Eileen Duncan and Julien Allen, Construction Partner Charles Morrish and Tax Partner Andrew Sneddon. A number of other solicitors in the firm's London and Exeter offices were also involved in the project.

Paul Clark, Director of Investment and Asset Management at The Crown Estate comments: "This acquisition forms part of a focused diversification strategy to reduce our central London weighting and we are delighted to be involved with such a high quality, sustainable, city centre scheme. Joint ventures like this are increasingly attractive for us, particularly with partners like Land Securities who share our long-term approach to asset management."

Michael Higginson comments: "We were delighted to be involved in a project of such significance for all the parties concerned and in relation to such an outstanding asset as this prize-winning scheme. The very positive outcome is a tribute to the strong spirit of co-operation which existed between solicitors and principals alike."

Partner John Cumpson and Managing Associate Rosalind Hill at Nabarro LLP acted for Land Securities.