Olswang has advised long-standing client Capital & Regional plc on the sale of its Great Northern Warehouse property in Manchester to Resolution Property for an initial cash consideration of £71.1 million.

The leisure complex in Manchester city centre has 46 units and is home to an AMC Cinema, the Manchester 235 Casino and the All Star Lanes bowling alley plus 1,255 car spaces.

Client Partner Tim Westhead, who led the Olswang team in this transaction, commented: "It's always a pleasure to help Capital & Regional stay true to their business strategy for retail investments in the UK. With this transaction the specialist property company can now repay of all the remaining on-balance sheet debt and further reduce its see through net debt to value. As a company that understands the ever changing behaviour of retailers and shoppers, Capital & Regional knows the challenges and opportunities of the market and where to focus their efforts."

The Olswang team was led by Partners Tim Westhead and David Bunker, with support from Associates Mel Brett and Beata Callenfels and Legal Director Kerry Langton.