Further Activity For Key Client Chenavari Investment Managers

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.