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.
Jones Day is a global law firm with more than 2,500 lawyers, including over 400 in Europe and 200 in Asia, located in 32 centers of business and finance throughout the world. Ranked among the world’s best and most integrated law firms, and perennially ranked among the best in client service, Jones Day acts as principal outside counsel to, or provides significant legal representation for, more than half of the Fortune Global 500 companies. For ten consecutive years, recognized financial information services Thomson Reuters and Bloomberg have ranked Jones Day #1 among legal advisors for number of global M&A deals.