Norton Rose advises Schroders on a £60 million local retail fund
21 March 2012
International legal practice Norton Rose LLP has advised Schroders on the launch of a £60 million unlisted fund, Local Retail Properties (the Fund), which will invest in convenience retail opportunities. The Fund is an English limited partnership managed by Schroders and strategically advised by The Local Shopping REIT plc (LSR), market leader in the niche market of convenience and local shopping.
The Fund will have a 5-year life and will target investments in convenience retail stores, such as Tesco Express and Sainsbury’s Local, with adjacent units let to national multiples and local retailers. The Fund will also be seeking to identify properties which will offer additional asset management opportunities.
Structured with a Jersey PUT feeder, the Fund will be ungeared and will have an income based focus.
The Norton Rose LLP team advising Schroders was led by London-based partner Simon Sackman, assisted by Simon Rowson (senior associate). John Challoner (partner) provided tax advice.
Eversheds LLP advised LSR.
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Tel: +44 (0)20 7444 2466; Mob: +44 (0)7770 650 113
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