Paul Hastings Announces Closing of Sale of The Galleria, Hatfield for Lehman Brothers

October 06, 2005

London (October 6, 2005) -- Paul, Hastings, Janofsky & Walker (Europe) LLP ("Paul Hastings"), a leading international law firm, represented Lehman Brothers in the sale of Galleria Shopping Centre in Hatfield to Land Securities for in excess of £120 million.  The disposal was effected by means of the sale of Lehman’s majority shareholding in Galleria No. 1 Jersey Limited, the corporate owner of the centre.

Paul Hastings represented Lehman Brothers in the acquisition of the Galleria Shopping Centre property in 2003 from GE Capital.  Other recent real estate M&A transactions handled by the Paul Hastings' London office include representing a consortium, made up of Lehman Brothers, GIC and Realstar, in its £1 bn acquisition of 73 hotels from the Intercontinental Hotel Group in March 2005. In addition to this, earlier this year, the firm also acted for Medgroup in its acquisition of the La Manga resort in Spain from P&O.

Commenting on the transaction, Mark Eagan, Chairman of Paul Hastings in London, said, "This recent deal marks the third significant real estate M&A transaction we have led in Europe over the last nine months. It reflects our growing reputation in the M&A market within one of our core sectors."

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