Acquiring a London urban warehouse
Eversheds Sutherland has advised SEGRO on its £133m acquisition of the 13 acre Electra Business Park in Canning Town, London.
A cross-practice team advised SEGRO on its acquisition of the logistics site from the Schroder UK Real Estate Fund. The firm’s legal team provided comprehensive advice throughout the acquisition, including on real estate, planning, real estate disputes, environmental, funds, tax and employment matters.
The Electra Business Park provides over 21,000 sq m of lettable logistics space across 10 units, of which nine are already let. The estate is in a prime location, close to Canary Wharf and London City Airport as well as being bordered by the A12 and A13 main roads, connecting it directly to central London.
Bruce Dear, Head of London Real Estate, said:
“The Eversheds Sutherland team and I were delighted to work with the SEGRO’s acquisition team to purchase this strategic urban warehousing asset in an intensely competitive sector. We look forward to helping the SEGRO team actively manage Electra Business Park to create an outstanding environment for their customers and cement SEGRO’s market leading London footprint.”
Theresa-Marie Stodell, Partner, Corporate, also said:
“Among challenging circumstances, I am impressed the team was able to advise SEGRO on this important acquisition, which was delivered at very high speed and in an efficient way, while also working fully remotely, which demonstrates the close collaboration between our team and SEGRO as we saw this acquisition through.”
Alan Holland, Business Unit Director for SEGRO’s Greater London portfolio, commented:
“This acquisition is an exciting opportunity for SEGRO to consolidate its leading London footprint and is a strong fit with its well established prime urban warehouse portfolio. Electra Park helps us to build further scale in an area where we have made great progress through the East Plus partnership in conjunction with the Greater London Authority. This enables us to improve choice and provide an excellent customer experience as well as represents an opportunity for us to create value by applying our asset management expertise and knowledge of the local market.”
Eversheds Sutherland has a long-standing relationship with SEGRO, being reappointed to its legal panel in December 2018. The team also advised on SEGRO’s acquisition of the Gateway South logistics park in Coventry, in February 2020.
Eversheds Sutherland’s team was led by Bruce Dear, Head of London Real Estate; working closely with David Emberson, Partner, Real Estate and Theresa-Marie Stodell. The team was supported by Jane Southworth, Partner, Environment Health & Safety; Constanze Moorhouse, Partner, Employment; Alex Shapland, Principal Associate, Real Estate; Charlotte Haigh, Principal Associate, Real Estate; Charlotte Stodell, Principal Associate, Tax; Emma Shepheard, Senior Associate, Real Estate; Paul Mclean, Senior Associate, Planning; and Julianne Treacy, Senior Associate, Real Estate Litigation.
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