Macfarlanes advises CLS Holdings Plc on sale of Vauxhall Square Development

06 April 2017

Macfarlanes has advised FTSE 250 property investment company, CLS Holdings plc, on the sale of its 1.5m sq ft mixed-use Vauxhall Square development to Chinese property developer R&F Properties, for a gross consideration of £157.77m.

With one third of its UK property portfolio situated in the Vauxhall area, CLS Holdings plc has considerable experience in this market and is expected to see profits on disposal of around £40m after costs. 

Henry Klotz, Executive Chairman of CLS, commented: “The sale of Vauxhall Square is a milestone in the history of CLS.”

CLS Holdings plc is an existing client of Macfarlanes’ construction team, but this is the first real estate transaction Macfarlanes has advised on.  

The Macfarlanes advisory team for this matter was led by commercial real estate partners Nick Barnes and Anthony Burnett-Scott, with assistance from Charlotte Youngs (commercial real estate, solicitor). Further expertise came from: construction team members Angus Dawson (partner), Alex Crockford (senior solicitor) and Radhika Shah (senior solicitor); corporate senior counsel Mark Slade; and tax partner Mark Baldwin.  

Anthony Burnett-Scott, who will become head of commercial real estate at Macfarlanes on 1 May, commented: “We are pleased CLS chose us to handle such an important transaction for them and we are happy to have exchanged contracts in a short period of time, given the complexities.  This transaction involved a number of areas of the firm and demonstrates our expertise advising on high value and complex real estate transactions.”

“The sale of Vauxhall Square is a milestone in the history of CLS.”
Henry Klotz Executive Chairman, CLS