MORTON FRASER ADVISES ON SCOTTISH DISPOSAL WITHIN ROCKSPRING’S ‘TIGER 7’
Top ten Scottish law firm, Morton Fraser, represented the Scottish interests of international investment group Rockspring Property Investment Managers in the £260m sale of its ‘Tiger’ portfolio of regional shopping centres.
Concluded mid-December, the deal saw Rockspring’s stake in the seven shopping centres across the UK sold to Ellandi, backed by Lone Star.
As part of a four-firm team, Morton Fraser’s Real Estate Division advised on the sale of the Howgate Centre in Falkirk and Trinity Centre in Aberdeen, the two Scottish centres in the portfolio. The sale of the portfolio formed the bulk of Rockspring’s UK Value 1 Fund, which is coming to the end of its lifespan.
It is the second major transaction that Morton Fraser has handled for Rockspring over recent months, following the acquisition of Glasgow’s Guildhall for £29m in September for their new UK Value 2 Fund, and is another example of Morton Fraser working in partnership with London’s top real estate firms. Rockspring’s legal team comprised BLP, Bond Dickinson and Maples Teeadale, in addition to Morton Fraser.
Elspeth Carson, Real Estate Partner at Morton Fraser said:
“Having waited until late autumn before bringing the properties to the market, achieving the sale of a portfolio of this size before Christmas was always going to be a challenge; It is a testament to the various law firms working in close partnership on behalf of the client that we achieved it.
“We have represented the UK Value 1 Fund since it acquired the properties in the teeth of the property slump in 2010, and it is pleasing to see Rockspring's confident approach rewarded with a healthy return on their investment.”
Richard Bains, Partner at Rockspring added:
“The sale of the tiger portfolio was effected in just four weeks from agreeing terms and that speed and efficiency is testament to the team work of all involved and of which Morton Fraser were an integral part.”
Morton Fraser’s team, led by Elspeth Carson included Mark Colquhoun, Stuart Dick, David Stewart (all real estate), Ursula Currie (planning), Alyson Cowan and Jonny Seddon (both construction).
Elaine McKean
Indigo
27 Maritime Street
Edinburgh EH6 6SE
Tel: 0131 554 1230
Mob: 07866 602 985
Fax: 0131 554 1549
Morton Fraser operates throughout the UK from offices in Edinburgh and Glasgow, employing over 270 people.
The firm offers commercial and private client legal services to businesses, the public sector, families and individuals
Morton Fraser clients include BAA (now Heathrow Airport Holdings), Diageo, Royal Mail Group, The Ministry of Defence, Transport Scotland, Tesco and Scottish Canals.
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