A real estate team led by partner Matt Garrod has recently completed the £85.4 million sale of five distribution warehouses in core locations across the Midlands on behalf of their client Clipstone Logistics REIT.
The portfolio was purchased by UK Commercial Property REIT and tenants include Clipper Logistics, Roca Limited, Bestway Pharmacy NDC Limited, Rhenus Logistics Limited and TJX UK, the owner of TK Maxx.
The transaction signals Clipstone's strategic exit from the distribution warehouse sector and a refocusing of their investments in the London and South East industrial market. Clipstone will merge its two main funds to create a larger vehicle called Clipstone Industrial REIT (CIR), which will be listed on the International Stock Exchange. At the outset, CIR will own 37 industrial properties valued at over £200m.
The deal was led by Matt Garrod with assistance from senior associate Louise Green, and associates Thomas Ferguson, Clare Thompson and James Myles.
Matt Garrod comments: "Clipstone is a long standing client and it was a pleasure to work with them on a sale that was both time sensitive and strategically important to them. We are pleased to continue to support the development of their portfolio across London and the South East."