Sintons oversees £23.8m property sale for The Church Commissioners
Newcastle law firm Sintons has acted for one of the UK’s biggest landowners in the £23.8m sale of a major retail park asset in the West Midlands.
The Church Commissioners for England has sold Reedswood Retail Park, in Wallsall, to the BP Pension Fund. The development is fully let and houses a portfolio of national retailers.
The sale was handled by Sintons’ specialist real estate team. Partner Paul Liddle, who led the transaction, has acted for the Church Commissioners – which manages assets currently valued at more than £5.2bn – since 2003.
He handled the purchase of Reedswood Retail Park in 2005, and his team have also advised on a number of asset management initiatives which enhanced the value of the park.
The Church Commissioners, which dates from 1845, manages a diverse portfolio of properties around the UK, to produce money to support the work of the Church of England.
Paul Liddle said: “The Church Commissioners is one of the most prestigious landowners in the UK, and we are proud and indeed privileged to act for them.
“By working closely with The Commissioners and their advisers we were able to issue full contract papers on the day terms were agreed and exchanged just over three weeks later. Whilst the timetable set was short, both sides had experienced and expert advisers who knew which issues were key and had the knowledge to reach agreement quickly.”
Rosemarie Jones, deputy surveyor at The Church Commissioners, said: “Paul and his team consistently provide a first-class professional service, and offer prompt and commercially-focused advice. Their work on Reedswood Retail Park is just one example of that. Paul acted for us in the purchase ten years ago and his team have undertaken a number of asset management tasks since then, and have now sold it in a seamless transaction.
“Working closely with Griffiths Eccles and Jones Lang LaSalle, Sintons used their considerable experience of dealing with complex, high value transactions to ensure this sale was completed in a very short space of time in the highly efficient and value for money manner that we expect from our professional advisers.”