Macfarlanes advises Legal & General on sale of £47.2m portfolio of seven properties to Urban Logistics REIT plc

30 April 2020

Macfarlanes has advised long-standing client Legal & General on its sale of a £47.2m portfolio, “the Crown Portfolio” consisting of seven logistics properties to UK-based and AIM-listed Urban Logistics REIT plc.

The Crown Portfolio consists of seven distribution sites, with an average warehouse size of 77,229 sq ft, located in Aberdeen, Huntingdon, Blackpool, Ipswich, Newmarket, Plymouth and Rotherham. The Crown Portfolio’s tenants include companies such as Giant Booker, the food wholesaler owned by Tesco plc (three sites), food packing manufacturer Dart Products and delivery company Hermes Parcelnet.

The Macfarlanes team for this matter was led by real estate partner Steven Pitchford with assistance from senior counsel Cate Taylor and solicitor Erin Gilliland. Advice on financing aspects came from finance partner Jat Bains and solicitor Laura Uberoi with senior solicitor Sarah Shucksmith providing tax expertise.

Steven Pitchford comments: “We were delighted to assist Legal & General once again on the completion of their most recent transaction which continues to showcase investor demand for well-situated logistics properties.”

Will Edwards, Senior Fund Manager at Legal & General Investment Management comments: “This sale represents the fund’s successful completion of the business plan for these properties and demonstrates investor demand for well-located logistics real estate. Looking ahead we will continue to deliver the asset management strategy for the remaining properties in the fund in order to secure the maximum value for our investors.”