Shoosmiths advises on £305m sale of UK car park portfolio

Shoosmiths’ real estate investment team has acted for the seller on the £305m sale of a nationwide car park portfolio.

The law firm advised on all real estate aspects of the transaction, which sees GreenPoint Partners acquire 37 car parks located across England, Wales and Scotland. The sites are primarily operated by NCP and comprise nearly 15,000 spaces.

The Shoosmiths team was led by real estate partner and co-head of the firm’s investment group, Nathan Rees, supported by principal associate Chris George and associate Kathryn Kinsey.

The successful sale is the culmination of a decade-long involvement with the portfolio, which has seen Shoosmiths act on portfolio enhancement, individual and mini-portfolio sales, the disposal of a then larger 88-property portfolio in 2016, refinancing, as well as ongoing management matters.

During this time, Shoosmiths has provided strategic real estate advice to the owner, including acting on the restructuring of NCP’s leases across the portfolio.

Commenting on the deal, Nathan Rees, real estate partner and co-head of Shoosmiths’ investment group, said:

“This was a complex, high-value portfolio sale involving assets located across the UK. It showcases Shoosmiths’ real estate investment expertise, as well as our ability to work as long-term strategic partners with clients and their other advisers, helping solve problems and secure successful outcomes.

“Our involvement spans nearly 10 years. We’ve worked at various stages to shape the portfolio and ensure it was in a position to be put on the market and sold; a process that required close collaboration, innovation and the support of our national real estate team.”

Shoosmiths worked alongside Freshfields Bruckhaus Deringer, which advised on corporate and financing matters. Gowling WLG acted for the buyer.