International law firm Olswang has acted for London-based fund management company Benson Elliot on the sale of 1-8 The Broadway in Ealing to Pramerica Real Estate Investors, the European arm of the US real estate investment and advisory business of Prudential Financial, Inc. The sale price was £37.4 million.

Benson Elliot initially acquired the "Arcadia Portfolio" in December 2012, buying in 12-14 The Broadway to add to the estate in March 2013. The portfolio includes the old Arcadia Shopping Centre at 1-8 The Broadway which is undergoing a significant transformation into three contemporary stores. The transformed Centre will include a new high quality 'Fresh Market' Morrisons, a 43,000 sq ft TK Maxx store and a McDonalds Restaurant. Work on the project will be completed in the autumn of this year.

A £250m-worth second phase of the project will include a residential development, surrounded by retail space and a pedestrian area. The disposal of 1-8 The Broadway will allow the company to focus on the second phase of the re-development project.

Philip Irons of Benson Elliot, said: "Olswang's expertise in shopping centre investments and developments made it the obvious choice for this deal. Olswang were key to helping us close this deal and were commercial and practical in their approach."

Jonathan Lewis, Partner at Olswang and Head of the Real Estate Group, commented: "The Arcadia regeneration project is a significant one for Ealing and the development industry. With Crossrail's implementation in 2018, commuting times will be cut by 50% and Ealing will be a very attractive location. Benson Elliot is ahead of the game and we were delighted to be able to help them in the beginning of phase two of this exciting project."

The Olswang team was led by Partner Jonathan Lewis, who was assisted by Senior Associate Colin Brett and Associate Kate Wansbrough-Jones.