PCB Lawyers LLP and Fladgate LLP have advised Metro Holdings Limited (listed on the Mainboard of the SGX-ST, Singapore) and Top Spring International (listed on the Main Board of the Stock Exchange of Hong Kong) on the acquisition from the Scarborough Group of 50% of the share capital of Scarborough Real Estate Limited, the holding company of a joint venture owning two development sites in Manchester, Middlewood Locks and Milliners Wharf Phase Two.
Middlewood Locks is a 23.6 acre site with planning consent for 2.55 million square feet of residential-led, mixed-use development and Milliners Wharf Phase Two is a 1.06 acre site with planning consent for 144 apartments and complementary retail.
The total purchase price for the shares in Scarborough Real Estate Limited was £11,400,000. In addition, Metro and Top Spring committed to make shareholder loans totalling £8,600,000 to the joint venture.
PCB Lawyers advised the clients on the property and title aspects of the transaction.
Fladgate corporate partner Amy Collins advised Metro and Top Spring on the share acquisition and joint venture with assistance from corporate solicitor Yulia Leyko.