Wedlake Bell Advises Urban Logistics REIT plc on its £47.2 Million Acquisition of the “Crown Portfolio”
13 / 05 / 2020
City law firm, Wedlake Bell, has advised Urban Logistics REIT plc – the UK based and AIM listed industrial and logistics properties investor on its acquisition of seven regional warehouse properties (the “Crown Portfolio”) through the purchase of a Jersey Property Unit Trust from funds controlled by Legal & General Investment Management. The total cash consideration of the deal was £47.2 million.
The properties are located in Aberdeen, Huntingdon, Blackpool, Ipswich, Newmarket, Plymouth and Rotherham and the tenants include Giant Booker (owned by Tesco plc), Anglian Water, Hermes Parcelnet and Pegler Yorkshire.
The Wedlake Bell Team who advised on the transaction was led by Commercial Property Partner, Kathryn West and Corporate Partner, Nigel Taylor.
Legal & General Investment Management were advised by Macfarlanes LLP. Jersey legal advice was provided to Urban Logistics by Ogier and to Legal & General Investment Management by Mourant Ozannes. Scottish property legal advice was provided to Urban Logistics by Morton Fraser LLP and to Legal & General Investment Management by Pinsent Masons.
Kathryn West and Nigel Taylor, Partners at Wedlake Bell, commented: “We are delighted to have secured the successful acquisition of the Crown Portfolio for our valued client, Urban Logistics REIT plc – as it continues to achieve its impressive growth prospects. The deal drew across the depth and breadth of our expertise at Wedlake Bell.”