16 Aug 2012 | 10:00 am |
International law firm Pinsent Masons has advised The Peel Group on its agreement to acquire the Lowry Outlet Mall at Salford Quays from the Emerson Group. The deal incorporates the Mall retail and leisure experience, as well as the car park. Peel also owns the neighbouring MediaCityUK development.
The Mall consists of more than 300,000 sq. ft. of retail and leisure, with 80 stores (including M&S Outlet for Furniture, Nike Factory Outlet, GAP Outlet and Flannels), a range of cafes and restaurants, and a seven-screen Vue cinema. It attracted over 4.7 million visitors in 2011 with sales and footfall increasing.
Corporate Partner, Stephen Levy, led the team advising Peel Group on the acquisition of Orbit Investments (Salford) Limited – the corporate vehicle which owns the Lowry Outlet Mall. Stephen was assisted by senior associate Andy Phillips (Corporate), partners Mike Edge and Rachel Pitman (Real Estate), partner John Cleland and associate Rebecca Wilcock (Finance) and partner Simon Horsfield (Employment).
Stephen commented: "It has been great to act on this material and strategic transaction for Peel. We wish them every success with their plans for the Lowry Outlet Mall."
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