Wallace advises the Khalastchi Family and William Pears on purchase of 43 properties from The Rank Group 

August 2006

Wallace acted for Earth Estates and Solarus Estates (joint venture companies between William Pears and the Khalastchi Family) in a net £172,000,000 transaction with The Rank Group ("Rank") for the sale and leaseback of 43 of Rank's UK properties and the transfer of liabilities relating to a further 44 surplus leasehold properties.

The transaction includes the £211,000,000 sale and leaseback by Rank of a portfolio of 40 Mecca Bingo Clubs and 4 Grosvenor Casinos.

Simon Edwards, lead partner on the deal and joint head of Wallace's property department, said: "Our clients faced stiff opposition for the acquisition of the above portfolio. I believe that the positiveness of our clients and their commerciality won the day for them and it’s exciting to have been involved in such a highly complex transaction.

“I have personally acted for the Khalastchi Family for in excess of 20 years and for the joint venture between the Khalastchi Family and William Pears since its inception. This is the most sophisticated deal that the joint venture has concluded to date".

Rank were advised jointly by Richards Butler and Linklaters.