Dentons beat a host of panel firms to win the lead role for Sainsbury’s, fielding a team under property partner Andrew Bedford and corporate partners Richard Macklin and Matthew Tinger. The joint venture is part of the store’s attempts to unlock value from its sizeable real estate portfolio.
SJ Berwin was instructed to advise longstanding client
Meanwhile, Simmons & Simmons advised
Tinger said: “This is a great deal for both parties. Sainsbury’s gains some control over leased portfolio,
The deal, announced last week, sees Sainsbury’s invest £273m to create the 50:50 agreement with
The venture, which holds 39 stores with a combined value of around £1.2bn, will allow Sainbury’s to take on development opportunities for the stores, with 25 sites earmarked for significant extensions.
It is the second such agreement the supermarket chain has formed in recent months, as it also launched a joint venture with Land Securities in November covering three properties worth £113m.
SJ Berwin also advised
Dentons is one of a number of firms to sit on Sainsbury’s property panel, which also includes Addleshaw Goddard, Bond Pearce, Shepherd & Wedderburn and CMS Cameron McKenna. The firm was instructed last year when Sainsbury’s moved its headquarters from Holborn to King’s Cross.
Sainsbury’s has come under pressure to release the value of its real estate since it was subject to two failed bids last year by private equity house CVC and the Qatari investment group Delta Two respectively. Linklaters advised Sainbury’s on both bids.
