Irwin Mitchell Advises On £50m Transaction

Edge Real Estate Property Investments has purchased the Huron portfolio as part of a multi-million pound deal.

Funded by ICG Longbow and advised on by Irwin Mitchell’s Real Estate and Corporate teams, the deal sees a portfolio comprising a mix of properties, including nine DW Fitness Health & Leisure clubs across the UK, change hands for £50m.

Other properties include 8 King Street in Manchester city centre, a single industrial investment in Wigan and four retail assets in Wilmslow, Wigan, Lancaster, Northampton.

The portfolio was previously owned by the family of David Whelan, the former owner of Wigan Athletic FC and JJB Sports.

The Edge Real Estate Property Investments team plans to add value to the assets over the next three years working with the occupiers to refurbish and improve the property performance.

Brendan Flood, chairman of Real Estate Group, said: “We are delighted to have significantly expanded our investment business with several interesting long lease assets. During the last two years, we have worked hard to grow the investment business and will continue to prioritise similar opportunities in economically strong locations.”

Patrick Duffy, Real Estate partner at Irwin Mitchell in Manchester acted for the Real Estate Group. Nick Little from the firm's Corporate team also advised on the deal along with Banking & Finance partner Dean Gormley and Solicitor Laura Mitchell.

Patrick is also advising the investment partnership between Flood, Gary Neville and Ryan Giggs, Rowsley Capital and BCEGi to deliver the mixed-use St Michael’s development in Manchester which is the most significant City Centre development in Manchester in the past 5 years.