Forsters acts on £40m sale of interests for Clerical Medical Managed Funds Limited

Forsters acted on behalf of Clerical Medical Managed Funds Limited in the sale of their 50% joint venture interest in a recently developed shopping centre at St Catherine’s Walk, Carmarthen. Clerical Medical Managed Funds Limited had funded the development of St Catherine’s Walk with its joint venture partner, St James’s Place UK Plc, and had successfully let the majority of the Centre’s units to prominent retailers such as Debenhams, Apollo Cinemas, H&M and TopShop/TopMan. At the end of December 2011, Clerical Medical Managed Funds Limited sold its 50% interest to its joint venture partner, St James’s Place UK Plc, and BNY Mellon Trust & Depositary UK Limited for £26m.

At the same time, Clerical Medical Managed Funds Limited also sold its 50% joint venture interest in a B&Q Unit at London Road, Stevenage to its joint venture partner, St James’s Place UK Plc, and BNY Mellon Trust & Depositary Uk Limited for £14m.

Sophie Hamilton and Amy France acted for Clerical Medical Managed Funds Limited and Catherine Usher and Rachel Orton at DLA Piper acted on behalf of St James’s Place and BNY Mellon.