Olswang LLP’s Real Estate Group has advised SEGRO plc on its £110.4 million sale of the Great Western Industrial Park. The 773,379 sq ft industrial park has been acquired by Universities Superannuation Scheme Ltd.
As part of the sale, SEGRO has pre-sold a future development of 36,575 sq ft at Western Point which forms part of the industrial park. It has also entered into an agreement with GeoPost UK Ltd to develop a cross-docking warehouse on a 20-year lease for £621,775 per annum.
Real estate partner David Saunders led the team with assistance from Martyn Needham, Catherine Maxwell, Fiona Worrall and Holly Page. Partner Richard Wilson and his team provided advice on construction issues. The team worked alongside David Proctor, David Whitlock and Phil Redding at SEGRO. Philip Rooney at DLA Piper LLP advised USS.
David Saunders said: “This was a complex deal involving three separate transactions. We drew on our experience of advising Brixton plc – now part of SEGRO – to complete the deal within an extremely tight timeframe and under challenging market conditions.”
UK-headquartered SEGRO is listed on the London Stock Exchange and on Euronext. It is one of the largest real estate investment trusts in the world with more than 2,300 customers and £5.1 billion in property assets. Olswang previously advised Brixton plc, acquired by SEGRO in 2009, on the acquisition of two separate investments in its core Heathrow market.
USS is the second largest private pension scheme in the UK with property assets totalling approximately £1.8 billion.
Olswang’s Real Estate Group provides an integrated service to the real estate industry on national and cross-border transactions. Lawyers specialising in construction, planning, development, investment, management, tax, real estate finance and litigation combine legal expertise with sector focus to provide clients with new insights on market trends and top-quality advice.