Wragge & Co LLP Real Estate group has advised Arena Coventry (2006) Limited on the acquisition of The Isle of Capri Casino premises at the Ricoh Arena for an undisclosed reverse consideration. The acquisition is part of US-based parent company, Isle of Capri Casinos Inc.'s move out of the UK market.

As part of the deal, Arena Coventry (2006) Limited - whose parent company Arena Coventry Limited is a joint venture company with Coventry City Council and the Alan Edward Higgs Charity - subsequently underlet the premises to UK casino operator, Grosvenor Casinos.

Commercial development and investment partner Huw Roberts and solicitor Kathryn Bird led a cross-firm team of specialists providing PFI, infrastructure, employment, commercial and corporate advice. Davenport Lyons acted for The Isle of Capri Casinos. The in-house legal team at Grosvenor Casinos' parent company, the Rank Group plc, advised Grosvenor.

Huw Roberts said: "This was a hugely significant transaction for our client. The casino premises play an integral part in the Ricoh's success and therefore its continued operation and management is vital. Our commercial investment specialists' understanding of the legal and commercial complexities ensured this key transaction was completed quickly and smoothly."

Daniel Gidney, Chief Executive at Arena Coventry Limited, said: "We were impressed with Wragge & Co's professionalism and expertise which meant the legalities were as seamless as possible. We were delighted to complete the whole process so that when The Isle Casino closed, Grosvenor Casinos was able to open its G Casino the following day, which in this economic downturn was a major coup for the Ricoh Arena."

The Ricoh Arena is a £113 million multi-purpose venue including state-of-the-art conference, banqueting, exhibition, hotel and sporting facilities. Managed by Arena Coventry, the Ricoh played a significant part in regenerating the north of the city and continues to form a key part of the council's larger plan to rejuvenate the entire area.

Wragge & Co has worked with Arena Coventry for more than seven years, including advising on real estate, corporate and commercial matters.

Wragge & Co's 70-lawyer Commercial Development and Investment team is one of the largest dedicated practices in the UK. Supported by a further 100 real estate specialists, its experts provide advice on acquisitions, developments and disposals for UK and international developers and investors. Earlier this year the team advised international real estate group Goodman on its £17 million acquisition of a 220-acre site near Heathrow airport from Argent.

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For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Rebecca Davies on +44 (0)121 685 3819, Gayle Redding on +44 (0)121 685 2708 or Rebecca Lum on +44 (0)121 260 9973

This press release may contain information of general interest about current legal issues, but does not give legal advice.