The Hercules Unit Trust

Michaela Hamilton and Felicia de Laat advised The Hercules Unit Trust ("Hercules") (a Jersey property unit trust with gross trust assets of £3.4 billion as at March 2007) on the Jersey law aspects of a transaction involving a new £680 million English limited partnership established by Hercules and The Crown Estate and known as The Gibraltar Limited Partnership.

The limited partnership is a joint venture between Hercules and The Crown Estate and was formed to hold three shopping parks in the United Kingdom. Hercules contributed the FortKinnairdShoppingPark in Edinburgh and The Crown Estate contributed the GallagherRetailPark in Cheltenham and The Shires Retail Park in Leamington Spa. The British Land Company Plc will act as property adviser to the new limited partnership.

The team at Mourant du Feu & Jeune also advised Hercules on the Jersey law aspects of the financing of the contribution of the FortKinnaird property to the limited partnership and the bridging loan facility with the Bank of America.

Gibson Dunn & Crutcher LLP led the transaction for Hercules and provided the English law advice with Jones Day acting as English property lawyers and Shepherd & Wedderburn as Scottish law advisers.

April 2007