Shoosmiths continues to help Sovereign Centros execute its Festival Place asset management strategy
February, 2024 - Milton Keynes, England
Shoosmiths has advised Sovereign Centros on two strategically significant leasing transactions at Festival Place, a 1.1m sq ft shopping centre located in Basingstoke.
The law firm helped negotiate the deals, which sees Pan-Asian noodle bar, Chopstix, and retailer, Rituals, take space at the shopping centre. Both brands have commenced trading, joining a community of more than 200 shops, dining and leisure facilities at Festival Place.
These latest deals form part of Shoosmiths’ ongoing support to Sovereign Centros, which was appointed as Festival Place’s asset managers in May 2023, with the firm assisting in expanding the centre’s portfolio of brands. This includes securing key re-gears over the last 12 months, with tenants such as Costa Coffee, Superdrug, Card Factory, Cards Direct, Monsoon, The Fragrance Shop, Warren James the Jewellers and GAME.
Shoosmiths advised on all real estate aspects of the two transactions. The firm’s deal team was led by Nicholas Dalgleish, real estate principal associate.
Nicholas Dalgleish, real estate principal associate at Shoosmiths, said:
“Shoosmiths continues to lead on all legal aspects of asset management at Festival Place. Our team is working closely with Sovereign Centros to implement its strategy for the centre, pursuing strategically significant leasing transactions – driving footfall and diversifying its tenant base.
“These latest transactions further expand the centre’s retail and F&B offering. The arrival of these brands marks a strong start to 2024 for Festival Place, while demonstrating Shoosmiths’ market knowledge and ability to find innovative solutions to help address evolving occupier needs.”
Poppy Radford, asset manager at Sovereign Centros, added:
"Our aim with Festival Place is to offer a high-quality, diverse shopping and leisure experience for all visitors to enjoy. Attracting brands such as Chopstix and Rituals is critical to delivering this objective. These deals set the tone for the centre’s planned evolution throughout 2024.
“With the support from Shoosmiths’ real estate team, we plan to pursue many more leasing transactions this year. This is pivotal to strengthening the centre’s tenancy mix and, ultimately, ensuring that Festival Place is a go-to regional location for retail, leisure and dining.”
