Bristows reports garden centre deal was a successful conclusion

London-based law firm Bristows acted on behalf of LaSalle Investment Management for the sale of the LaSalle Garden Centre Fund portfolio of eight garden centres earning them a total consideration exceeding £110 million.

Bristows launched the fund in 2006 as a means for LaSalle Investment Management to deliver investment returns from a market that was near to its peak, and it has performed "extremely well". 

The portfolio was marketed by JLL and presented an "attractive proposition to a market where institutional investors are showing increased appetite for alternative sectors that offer long-income streams which can be matched to annuities". Bidding pushed the total consideration above the initial asking price with the ultimate disposal value representing a circa 5.25 per cent yield. BlackRock bought the sites, advised by Gilbert Evans.

Bristows acted on the creation of the fund, management of the portfolio and ultimate disposal. Completion of the sale took place on 7 September.

Alexandra Lethbridge at Bristows LLP said: "We are delighted to have worked with our long-standing client LaSalle Investment Management on this project over the last 10 years, through the whole life-cycle of the LaSalle Garden Centre Fund from start-up to a very successful conclusion."

Paul Jaffe at LaSalle Investment Management said: "to bring to achieve the price we did, we needed to execute a number of complex lease restructures and partnership docs. This required forward thinking and pro active legal advice and I was very impressed with the service provided by the Bristows team."

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