Top 100 law firm Birketts has advised Cambridgeshire County Council on its acquisition of a Tesco Superstore at Cheddar’s Lane off Newmarket Road in Cambridge.
As the 22nd largest company in the UK, Tesco PLC’s highly successful Cheddar’s Lane branch, which comprises a 2.8 hectare site and is home to a purpose-built supermarket building complete with parking for 530 cars, is set to give the Council a good rate of return in line with its investment objectives.
This £51.4m deal is the latest move in the Council’s ongoing strategy to broaden its investment portfolio in order to generate the revenue that will enhance the much needed front line services operating for the people of Cambridgeshire.
Tom Kelly, Head of Finance at Cambridgeshire County Council commented: “We have worked with Birketts on several investment acquisition transactions and have always been extremely impressed with the efficiency and sophistication of the advice. The Real Estate Investment team provide very sound legal counsel which is instrumental to the successful execution of our investment strategy across the county.”
Cameron Barlow, Partner in Birketts’ Commercial Property Team and Head of the firm’s Real Estate Investment sector group, concluded: “We were delighted to have acted again for Cambridgeshire County Council in relation to another strategic acquisition. It is a great pleasure to work with the team and help them achieve their important investment objectives for the county.”
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