Trowers & Hamlins

Sign up

Home » News » Press Releases » Trowers & Hamlins advises 90 North Real…

Trowers & Hamlins advises 90 North Real Estate Partners on the acquisition of mixed use retail and l

Trowers & Hamlins advises 90 North Real Estate Partners on the acquisition of mixed use retail and leisure property in Crawley

Trowers & Hamlins' Banking and Finance, Real Estate, Corporate and Construction teams have advised Shari'ah-compliant investment specialist 90 North Real Estate Partners LLP on the acquisition of a mixed-use retail and leisure property in Crawley, which included a Travelodge hotel and Morrisons supermarket, for £42.7 million.

The property was acquired by a Jersey SPV with bank debt provided by Deutsche Pfandbriefbank into a Shari'ah-compliant structure. 

Located in the centre of Crawley, the property was developed by Land Securities in 2014.  Anchor tenants include Morrisons and Travelodge with an average unexpired lease term of 15 years across the tenancy portfolio.

This is the second major UK acquisition which the firm has acted for 90 North this year, the other being the £23.5 million acquisition of the Riverside East office building in Sheffield.

Partner Sarah Gooden led the Banking and Finance team with assistance from Eddie O'Hanrahan and Gavin Coutts.  Stephen Marks and Denielle Rickman advised on Real Estate.  Corporate advice was provided by Tony Poole, Ayda Habboush and Saerim Kim with Alan Tate and Alex Frankland advising on Construction matters.