Regional law firm Lodders has advised private company IM Properties plc. on the sale of a portfolio of thirteen distribution warehouses located across the UK in one of the biggest industrial investment property deals this year, valued in excess of £200million.
Leading the firms team on the deal were real estate partners Nick East and Paul Mourton, who heads Lodders Cheltenham office.
The industrial units are occupied by some of the biggest names from the UKs retail sector and represent important strategic hubs in the retailers supply chain.
Also advising on the £200m warehouse portfolio sale were corporate and commercial property specialists from the Midlands offices of Pinsents, Shoosmiths and Gowling WLG.
Commenting on the warehouse portfolio sale, Lodders Paul Mourton said: 'With a total value in excess of £200m and thirteen distribution warehouses within the portfolio sold in the deal, this transaction is easily one of the largest undertaken this year.
We assigned a team led by the firms most experienced and knowledgeable commercial property and real estate legal specialists, demonstrating Lodders capability and experience of what was a complex transaction, involving a significant and strong resource from the firm.'
The portfolio sale follows hard on the heels of an £11.4m sale of nine industrial and trade counter units owned by IM Properties at Longwell Green in Bristol, also led by Paul Mourton in Cheltenham.
'This was an incredibly fast transaction,' says Paul. 'Exchange of contracts had to take place within two weeks of the issue of Heads of Terms, with completion just one week later. With focus, tenacity and cooperation of all parties involved, we were successful in hitting the completion deadline.'
Lodders has a long and established relationship with IM Properties plc. and has advised on many of its property and real estate transactions across the UK for more than 25 years.
IM Properties is one of the largest privately owned property groups in the UK, with an investment and development portfolio of circa. £900 million across the UK, Europe and US.
Lodders Real Estate team acts on behalf of national and regional commercial property developers, residential property developers, investment companies and funders. Paul Mourton specialises in property investment and development, primarily acting for high net worth individuals and family-owned property companies across the South West and UK.
Lodders Solicitors LLP is an established and thriving law firm based in Cheltenham, Stratford upon Avon, and Henley in Arden. The firm is recognised as a leading private client law firm, offering specialist advice to both private individuals and privately owned businesses, including its highly regarded work in the agricultural and real estate sectors. For more information, visit: www.lodders.co.uk.