London - Leading global law firm Mayer Brown has advised Key Property Investments (“KPI”), a 50/50 joint venture between St. Modwen (LSE:SMP), the UK’s leading regeneration specialist, and Salhia Real Estate Company K.S.C (“Salhia”), on the sale of the Elephant & Castle Shopping Centre to Delancey and Dutch pension fund APG.

KPI acquired the Elephant & Castle Shopping Centre, a retail, leisure and office complex of 327,000 sq ft, in May 2002 for £29.25 million.

Kate Ball-Dodd, Corporate & Securities partner at Mayer Brown, commented: "In the time that St. Modwen and Sahlia have owned the Elephant & Castle Shopping Centre, it has increased in value and potential, especially given the focus on significant redevelopment in the area. Given that this exit means our client can now focus on other regeneration projects in London, we’re delighted to have assisted them.”

Earlier this year, Mayer Brown also advised St Modwen on its placing of approximately 20 million new shares, raising approximately £49 million. The placing will help fund St. Modwen's share of the development of New Covent Garden Market, the UK’s biggest fruit, vegetable and flower market

The Mayer Brown team was led by Corporate & Securities partner Kate Ball-Dodd and Real Estate partner Jeremy Clay. They were assisted by Banking & Finance partner Nigel White and senior associate Amandeep Uppal, Tax & Transactions senior associate Simon Slade and associate Jamie Coomber, Corporate & Securities senior associate Connor Cahalane and associate Adam Meisels and Real Estate senior associate Iain Roberts.