CMS Cameron McKenna LLP is pleased to announce that the firm has acted for Sainsbury's Supermarkets Ltd on their agreement to acquire a portfolio of six more Somerfield supermarkets and three convenience stores from the Co-Operative Group.
The nine stores will be acquired from the Co-Operative Group for a total consideration of £29 million. The acquisition of these stores is in addition to the 24 stores already acquired from the Co-Operative Group for £83 million, as announced on 4 March, 2009.
The team comprised partners Sally Badham (Real Estate), Martin Mendelssohn (Corporate), Sarah Ozanne (Employment) and associate Karma Samdup (Corporate), with assistance from a team of Real Estate, Corporate and Employment associates.
Sally Badham, Real Estate partner commented, “Sainsbury’s is a longstanding client of the firm and we have worked with them on a number of high profile transactions in the past. We advised them on the first phase of this acquisition of 24 Somerfield supermarkets and we were delighted to support them further on this second phase of their ongoing expansion plan.”
Addleshaw Goddard acted for the Co-Operative Group.
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