Dentons saw off a host of panel advisers 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.
Rival City outfit SJ Berwin, meanwhile, was instructed to advise longstanding client
Simmons & Simmons advised
Commenting on the deal, Dentons' Tinger said: "This is great deal for both parties. Sainsbury’s gains some control over their leased portfolio,
The deal sees Sainsbury’s invest £273m to create the 50:50 agreement with
It is the second such agreement Sainsbury's has formed in recent months, having last November launched a joint venture with Land Securities covering three properties worth £113m.
Dentons - which features alongside the likes of Addleshaw Goddard, Bond Pearce, Shepherd & Wedderburn and CMS Cameron McKenna on Sainsbury's property panel - was also instructed last year when Sainsbury's moved its headquarters from Holborn to Kings Cross.
The group 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 Qatari investment group Delta Two. Linklaters advised Sainbury’s on both those bids.