Irwin Mitchell Advises On Market Gate Shopping Centre In Lancaster

Further Activity For Key Client Chenavari Investment Managers


Karen Roberts, Press Officer | 0207 400 8714

National law firm Irwin Mitchell's banking & finance, corporate and real estate teams have advised Elston Holdings Ltd on its acquisition of Market Gate Shopping Centre, Lancaster from a private owner for approximately £22m. 
Elston Holdings Ltd is owned by AREO S.a r.l. (which is advised by Chenavari Investment Managers) and Roubaix Group (the specialist property investment business recently founded by Chris Beckerman).  The deal was completed via a corporate purchase in an off market transaction and represents the first joint venture between Chenavari and Roubaix.
Market Gate is the dominant shopping centre in the retail heart of Lancaster. It will shortly be strengthened with the arrival of a proposed 50,000 sq ft Primark, which will be the largest anchor store in the town.  Market Gate extends to 135,000 sq ft and tenants include well-known brands such as New Look, WH Smith, Waterstones, Caffe Nero and Morrisons together with a direct pedestrian link into Marks & Spencer.
Debt finance was provided by Bank of Scotland.
The Irwin Mitchell team was led by banking & finance partner Simon Tweedle, assisted by Sarah Gauer.  The corporate aspects were handled by partner Jayne Schnider, assisted by Sarah Wilson with real estate input from partner Jo Footitt. 

Expert Opinion
Chenavari is an extremely important client across a number of teams within our Business Legal Services division. Chenavari undertakes a wide range of real estate related investments, including direct and indirect lending, loan purchases and direct property investments with preferred equity such as this. We were very pleased to be involved in this transaction and see Chenavari continue to carve out a niche as an investor in shopping centres, having recently advised them on the purchase and financing of Market Gates Shopping Centre, Great Yarmouth and Ladysmith Shopping Centre, Ashton-under-Lyne (both of which were put into their joint venture with Ellandi) as well as funding the acquisition of shopping centres in Dewsbury, Newcastle under Lyme and Bishop Auckland for Edinburgh House Estates.”
Simon Tweedle, Partner