Linklaters has advised Tynehawk Holdings (Jersey) Limited on the sale of its 100% stake in Metrocentre, Gateshead, to Land Securities Group PLC (Landsec) for a net cash consideration of £516 million.
Located approximately two miles from Newcastle city centre, Metrocentre is a top-10 UK shopping centre destination, attracting over 16 million visitors per annum and generating retail sales of c. £650 million. The centre comprises 282 stores across 1.86 million sq. ft. of lettable floorspace, together with an adjacent retail park of 0.2 million sq. ft. across 15 units, with overall occupancy of 95% and a strong line-up of key international brands.
The transaction follows a competitive sale process which attracted significant interest from prospective buyers, reflecting Metrocentre’s position as one of the leading retail and leisure destinations in the UK and the progress it has made following a £60 million capital investment programme led by Sovereign Centros from CBRE.
The Linklaters team was led by Structured Finance partner Adam Fogartyand Corporate partner Tom Watkins, with Tax partner Alexei Franks. They were supported by managing associates Dan Hilbert (Structured Finance), Jessica Dougan (Corporate) and Klara Humphries (Tax), together with lawyers from across the firm’s London office.
Commenting on the transaction, Structured Finance partner Adam Fogarty said:
“We are delighted to have supported Tynehawk Holdings on this landmark transaction, which marks a significant next step for one of the UK’s leading retail and leisure destinations. Combining a competitive sale of a top-10 UK shopping centre with a consent solicitation across the outstanding Metrocentre Finance PLC bonds is a complex, multi-track exercise, and this outcome reflects the firm’s ability to bring together corporate, structured finance and tax expertise seamlessly to deliver for our client against a demanding timetable.”
Completion is expected to take place by the end of October 2026.
Completion of the acquisition is conditional on the dissolution of a legacy entity from the Intu Properties group, expected to occur on 9 October 2026, and on bondholder consent to the restructuring of the outstanding bonds of Metrocentre Finance PLC and to the acquisition itself, each of which requires the support of 75% of the bondholders. Bondholders representing more than 80% of the bonds have confirmed that they intend to support the restructuring and the acquisition in the required bondholder consent solicitation process.
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