Jones Day has acted for U.K. real estate investment trust London & Stamford Property PLC in its acquisition of a portfolio of prime distribution assets for £82 million from Harbert Management Corporation (Europe).
The portfolio comprises five distribution units totaling 859,127 square feet let to five tenants: Next Group Plc, Keystone Distribution UK Ltd, Gist Ltd, NYK Logistics (UK) Ltd, and French Connection UK Ltd. The annual rent roll is £6.06 million and the weighted average unexpired lease term is 10.9 years.
The portfolio is a corporate acquisition inclusive of existing debt. London & Stamford has committed £42.3 million of cash to complete the acquisition, its first since listing on the main market.
The Jones Day team was led by Capital Markets Practice Leader Giles Elliott and Real Estate Practice Leader David Roberts in London.
London & Stamford Property is a longstanding client of Jones Day. Earlier this year the firm acted for the company in its £208.5 million acquisition of Radial Distribution Limited from Warner Estate Joint Ventures Limited and Uberior Ventures Limited.
