Partner Article

Logistics property developer invests £11 million in Wakefield Europort warehouse

Gazeley, the logistics property developer has purchased a 281,000 sq ft distribution warehouse at Wakefield Europort, for around £11m.

Irwin Mitchell’s real estate team advised them on the sale.

The building, which will be known as G. Park Wakefield Europort, is the largest logistics warehouse currently available on the site and is immediately adjacent to the M62 motorway.

The unit is currently being refurbished with completion expected in April 2014.

Wakefield Europort is home to brands including Asda, Warburtons, Argos, TK Maxx, Kuehne and Nagel and Royal Mail.

The Irwin Mitchell team was led by Real Estate Associate Louise Cartwright, assisted by Emma McPeake, solicitor. David Parton, Partner and Head of Construction and Vanessa Greaves, solicitor, advised on the construction aspects of the deal.

James Morris of DLA Leeds acted for the seller. Louise Cartwright commented, “The acquisition by Gazeley of this Grade A warehouse is a significant addition to its UK logistics asset portfolio and in line with its policy of growing its business through the strategic acquisition of industrial assets.

“We are delighted to have advised Gazeley in furthering its new strategy.”

Gazeley is one of Irwin Mitchell’s biggest real estate clients.

In September last year, the firm advised Gazeley on the forward funding of a new unit at Magna Park, Milton Keynes to Aviva’s Lime Property Fund for a price in excess of £70 million.

The unit had been pre-let to John Lewis earlier in the year, another deal Irwin Mitchell had advised upon.

This was posted in Bdaily's Members' News section by Clare Burnett .