Gouldens - Retail Development - Glasgow, Junction 10

Date: 22 Feb 2002

Gouldens has advised Pillar Property PLC ("Pillar") in relation to the setting up of a 50/50 partnership between Pillar's wholly-owned subsidiary, Pillar Auchinlea Limited, and a wholly-owned subsidiary of Capital & Regional plc ("C&R") for the purpose of developing Glasgow's first shopping park. The 480,000 square foot scheme will be known as Glasgow Fort and is located at Junction 10 of the M8, 5 miles to the east of Glasgow. C&R's existing retail park at Junction 10 has been acquired by the partnership, and Pillar and C&R have each committed £6m of partnership and loan capital. The development of the shopping park will be phased, and is expected to be completed by late 2005.

Tom Budd, William Oliver and Dominique Spurr advised Pillar.

Nick Ryden of Shepherd & Wedderburn advised Pillar in relation to Scots property law.

Graham Barber of DJ Freeman & Co advised C&R in relation to the partnership and Ron Cole of Cole & Co advised C&R in relation to Scots property law.

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