Lovells - Retail Sale - St Helens, Lea Green

Date: 07 Nov 2002

Sale and Leaseback of Somerfield plc's site at Lea Green, St Helens, Merseyside to The Prudential Assurance Company Limited.

CLIENT: The Prudential Assurance Company Limited.

FEE EARNERS: Jackie Newstead and William Clements

VALUE: Sale of the freehold land for £37.6 million and leaseback for 25 years at initial rent of £2.8 million pa with 5 year rent reviews.

STATUS: Exchanged.

FURTHER DETAILS: Sale and Leaseback of Somerfield plc's freehold land at Lea Green, St Helens, Merseyside to The Prudential Assurance Company Limited. Somerfield is currently constructing a new distribution centre on the Lea Green site which will cover 56,996 square metres and comprise a multi-temperature reigon distribution centre with servicing facilities. Construction is expected to be completed in May 2003 and the centre should be fully operational by July 2003. The centre will service Somerfield and Kwik Save stores in the Midlands and the North West.

OTHER ADVISERS: Prudential's agent was Mark Rawstron at GVA Grimley (Manchester). Somerfield's agent was Bruce Bott at Mason Owen (Liverpool). The solicitors for Somerfield were Bullivant Jones (Pamela Jones).

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