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.”