Shoosmiths’ real estate investment group has advised on the £99m sale of Festival Place, a 1.1 million sq ft shopping centre in Basingstoke.

Published: 25 April 2025

Author: Lewis Thomas

The firm acted for the seller – instructed by BDO as fixed charge receivers – in a deal that sees MDSR Investments acquire the centre.

Shoosmiths has advised the scheme’s owners for more than a decade. During this time, the firm has completed a vast number of retail, leisure, and other leasing transactions with brands such as Next, Metro Bank, Flip Out, and H&M. It has also advised on development initiatives and other aspects of the management of the centre, with a focus on enhancing the scheme and securing key lettings to strengthen and diversify its tenant mix.

Tony Nygate, partner at BDO, said:

"Following a comprehensive two-year strategy to improve and maximise the value of Festival Place, we are pleased to have completed this deal – working with partners including Shoosmiths to prepare the asset for sale and navigate the process successfully."

Shoosmiths’ deal team was led by real estate investment co-head Nathan Rees and principal associate Chris George, supported by a cross-disciplinary team from across the firm, including specialists in construction, planning, employment, and commercial.

Chris George, real estate principal associate at Shoosmiths, said:

"As one of the largest retail transactions to complete this year, we were proud to advise on the sale of Festival Place – working closely with fellow advisers to ensure its successful conclusion. This milestone reflects years of collaboration with the scheme’s owners and asset managers to implement a strategy that enhanced the centre and positioned it for sale."

Nathan Rees, co-head of Shoosmiths’ real estate investment group, added:

"In a retail investment market that continues to evolve, this transaction underlines the appetite from global investors for well-located, actively managed assets with strong fundamentals. It also showcases the experience within Shoosmiths’ real estate investment group – and wider firm – in supporting clients on complex, high-value deals across the UK."