ELP, TT&A act on Intu Properties' sale of shares in Prozone Realty to Apax Trust

Nailsfield Limited, a wholly owned subsidiary of Intu Properties plc, has signed a share purchase agreement to sell its entire shareholding in Prozone Realty Limited (28.83%) to Apax Trust, for an aggregate consideration of ₹110 crores.

Economic Laws Practice (ELP) advised Apax Trust on the stake acquisition in Prozone Realty from Nailsfield and the subsequent open offer due to aforesaid acquisition for a deal size of ₹210 crore. The Firm managed all aspects of the share purchase agreement, including drafting, preparing, negotiating, and finalizing the definitive documents for the transaction.

The transaction team was led by Suhail Nathani (Managing Partner), Manendra Singh (Partner), with support from Tanvi Goyal (Associate Partner) and Aditi Ladha (Senior Associate).

TT&A advised Nailsfield on this share sale transaction.

The transaction team consisted of Kunal Thakore (Partner), Pratika Shankar (Partner) and Nandini Pradhan (Associate).

Apax Trust was also advised by Anuj Tiwari - Independent practitioner.

Intu Properties plc was a British real estate investment trust (REIT) specializing in shopping center development and management. It was a prominent player in the UK and Spanish retail property markets, owning and operating a portfolio of major shopping centers.

This transaction marks a significant milestone for Intu, which has been in administration in the UK since 2020, and has been looking to divest its entire portfolio of assets in India.

Prozone Realty is a leading real estate developer in India, focusing on developing and managing large-scale shopping malls and mixed-use projects across the country. The company has a strong presence in major Indian cities and is known for its innovative approach to retail development.

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