Press Release: Pitmans Acts For Olympian Group In Sale of Retail Space To M&G Property Portfolio Fund

For immediate release February 2010 PITMANS ACTS FOR OLYMPIAN GROUP IN SALE OF RETAIL SPACE TO M&G PROPERTY PORTFOLIO FUND Pitmans, the leading Thames Valley law firm with offices in London and Reading, has acted on behalf of The Olympian Group of Connected Companies, in its sale of the retail part of its mixed use development at Earlsfield, London to M&G Property Portfolio Fund for a consideration of over £5.5 million, by way of the grant of a long lease with the benefit of an existing occupational lease to Sainsburys. The transaction was led by Pitmans Property Partner, Sally Sharp. The Magdalen is the only new development at Earlsfield that has attracted the first supermarket chain on Earlsfield High Street. This development comprises 8,400 sq ft of retail space at ground level, with 38 residential units set over four floors. In the summer of 2009, Sainsburys took a lease of the retail space for 15 years. Commenting on the transaction, Mark Slatter, Director of Olympian Group said: “We were fortunate to acquire the Earlsfield site with its close proximity to excellent transport links, with Waterloo only 12 minutes away. The timescale of this transaction was limited, however Pitmans ability to deal with this in an efficient manner is an endorsement of the strength of their team.” Sally Sharp, Pitmans Property Partner added: “It was very satisfying to conclude this leasehold sale for Olympian Group, and we were pleased to provide the depth of expertise and speed of response that our client required.” Olympian Group has been trading since 1993 and specialises in sourcing and developing mixed commercial and residential sites, predominantly in partnership with ‘blue chip’ retail and hotel end users. Within the Olympian Group it has conceived and / or delivered some 24 projects during the past 15 years, involving over 2.6m sq ft of mixed development. The group comprises the various property development companies, Larista Construction, the ‘in house’ construction company, and Drew Consulting (project management and cost consultants). M&G is a leading retail and institutional fund manager in the UK and overseas. They are an autonomous business within the Prudential Group running their own retail funds operation and functioning as the asset manager for Prudential in Europe. -Ends- For further information, please contact: Jackie Tang, Pitmans, jtang@pitmans.com 0118 957 0274 / 07881 817199 Susan Maloney, Pitmans, smaloney@pitmans.com 0118 957 0225 NOTES TO EDITORS: • Winner of ‘Law Firm of the Year’ and ‘Deal of the Year’ at the 2008/09 Thames Valley Deals Awards • Pitmans has offices in London and Reading • 1 Crown Court, 66 Cheapside, London EC2V 6LR • 47 Castle Street, Reading, Berkshire RG1 7SR • The Anchorage, 34 Bridge Street, Reading, Berkshire RG1 2LU • 31 Partners • Staff members now total more than 200 • Pitmans is the Thames Valley’s leading commercial law firm, with 22 departments ranging from Banking & Finance, Commercial, Commercial Property, Competition Law, Construction, Corporate, Debt Recovery, Defendant Insurance, Dispute Resolution, Employment, Information Technology, Insolvency & Corporate Recovery, Intellectual Property, Pensions, Planning & Environment, Private Client: Matrimonial, Private Tax & Succession Planning; Residential Development, Risk & Compliance, Sport & Entertainment, Telecommunications • The Pensions Department has the largest team of Pension lawyers in the South East outside of London and the biggest law firm owned Independent Trustee company in the UK (Pitmans Trustee Ltd). • Pitmans’ website can be found at www.pitmans.com • Pitmans is a founder member of InterAct Europe EEIG, a network of Law firms in Europe – www.interacteurope.com Kind regards Susan Maloney Marketing Executive Pitmans The Anchorage, 34 Bridge Street • Reading • Berkshire • RG1 2LU DX 146420 READING 21 T: +44 (0) 118 958 0224 F: +44 (0) 118 958 5097 DD: + 44(0) 118 957 0225 W: www.pitmans.com Also at: 1 Crown Court • 66 Cheapside • London • EC2V 6LR 47 Castle Street • Reading • Berkshire • RG1 7SR Pitmans does not accept service by email

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