Back to news list

WRIGHT, JOHNSTON & MACKENZIE LLP ASSISTS IN £60M SCOTS PORTFOLIO DEAL

WRIGHT, JOHNSTON & MACKENZIE LLP ASSISTS IN £60M SCOTS PORTFOLIO DEAL

14th November 2018

Wright, Johnston & Mackenzie LLP is delighted to have supported Northern Irish firm Lotus Property in the acquisition of a 1.3 million sq ft portfolio in Scotland valued at £60m.

The portfolio consists of 45 properties, predominantly in Dundee and includes Marketgait/West Marketgait and Wester Gourdie Industrial Estate, as well as a variety of mixed use retail, leisure and residential assets. Tenants include Travelodge, Pure Gym, Grosvenor Casinos, Tesco Stores, Hermes Parcelnet, Encon Insulation, UPS and Buckler Boots.

To help deliver the deal, which was valued at £60million, WJM assembled a team headed by Colin Brass, Joanne Ockrim and Colin Millar. Together, the team provided corporate and property advice to Lotus Property.

Colin Brass, WJM Chairman said “As longstanding clients of Lotus Property we were delighted to be involved in such a significant investment into the Scottish property market. Dundee as a city has undergone a great deal of regeneration in recent years and this particular deal is further evidence of its growth - presenting an exciting opportunity for our clients”.

Alastair Coulson, Managing Director of Lotus Property said “This was a complicated deal involving various dimensions and we were very pleased with the seamless way the team at WJM co-ordinated their calm and pragmatic advice to us to meet a challenging deadline”.

 

The information contained in this newsletter is for general guidance only and represents our understanding of relevant law and practice as at November 2018. Wright, Johnston & Mackenzie LLP cannot be held responsible for any action taken or not taken in reliance upon the contents. Specific advice should be taken on any individual matter. Transmissions to or from our email system and calls to or from our offices may be monitored and/or recorded for regulatory purposes. Authorised and regulated by the Financial Conduct Authority. Registered office: 302 St Vincent Street, Glasgow, G2 5RZ. A limited liability partnership registered in Scotland, number SO 300336.