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Biggart Baillie and Eversheds advise on first cash and shares acquisition for UK REIT
Tuesday, September 25, 2007
Biggart Baillie and Eversheds have advised The Local Shopping Reit plc (LSR) on the acquisition of Gilfin Property Holdings (Gilfin) for £12.85m. The transaction was the first cash and shares acquisition of a company by a UK REIT. Gilfin is a privately owned company with a portfolio of 28 properties valued at £14.53m. 16 of the properties are located in Scotland and represent half the value of the portfolio which in total produces a rent of £967,038 pa expected to increase to £1,044,268. LSR is the first specialist start-up REIT to launch in the UK and aims solely at local shopping assets in non-prime urban areas.
Nick Gregory, LSR's Joint Chief Executive, commented:
"Gilfin's properties are a close match for our existing portfolio. Our hands-on approach, combined with our management expertise, means we are well placed to unlock further additional value, in particular through the letting of the vacant units in Scotland."
The Biggart Baillie team was led by partner, Iain McLean, supported by associates, Chris Noble (Edinburgh) and Carly Mason (Glasgow).
For more information see:
www.thelocalshoppingreit.co.uk
www.eversheds.com