Shoosmiths’ real estate investment group has advised on more than £500m worth of transactions in Q1 2023.
The law firm’s investment specialists supported clients across various sectors, including industrial, logistics and office properties, as well as a nationwide car park portfolio.
In January, a team led by London real estate partner Liam Phillips advised Darin Partners on the £62.5m purchase of 6 Duke Street, St James’s.
The 35,000 sq ft prime freehold building, comprising office, leisure and gallery space, was acquired from Abrdn. The building is currently let to a number of tenants, with Darin Partners planning a full Cat A refurbishment on part of the building in the next few months.
In the pure office sector, Shoosmiths acted for the Bank of London and the Middle East PLC – the largest Islamic bank in Europe – on its acquisition of a 136,000 sq ft government let office building in Warrington. The £40.6m deal completed in January.
In the industrial sector, a Shoosmiths team also led by Liam Phillips, supported by James Benedick, Natasha Shields, Dean Cooper, Daniel Stamford, Ryan Fordham and Shaan Haque, advised Telereal Trillium on the purchase of five multi-let assets for £33.3m. The investment company acquired the 386,000 sq ft portfolio in three separate deals.
Shoosmiths also concluded the £30m acquisition of a warehouse – let to Smyths Toys – at the Midlands Logistics Park in Corby. The deal was shortly followed by a further acquisition in February, with Shoosmiths advising on the purchase of Alpha Park in Southampton for £26.1m. Partner Ellis Gardner-Browne led both transactions, supported by corporate partner Kiran Dhesi and senior associate Lawrence Renny, alongside real estate partner Su Kemp.
In its largest deal of the quarter, Shoosmiths’ real estate investment group acted for the seller on the £305m sale of a nationwide car park portfolio. Shoosmiths advised on all real estate aspects of the transaction, which sees GreenPoint Partners acquire 37 car parks located across England, Wales and Scotland – comprising nearly 15,000 spaces.
The deal team was led by real estate partner and co-head of the firm’s investment group Nathan Rees, supported by principal associate Chris George and associate Kathryn Kinsey.
Commenting on activity in Q1 2023, Nathan Rees, real estate partner and co-head of Shoosmiths’ investment group, said:
“While talk at MIPIM reflected an understandable degree of caution, together with the need for collaboration, this latest quarter has seen the conclusion of a number of significant deals.
“With challenges such as high inflation, interest rates and the availability of funding still impacting the market, real estate buyers and sellers must cooperate on finding solutions to bridge issues and conclude transactions. Our team continues to bring a commercial and pragmatic approach to each deal, in order to support our clients’ strategic objectives.”
Kate McCall, partner and co-head of Shoosmiths’ investment group, added:
“As advisers on more than £500m worth of investment transactions, Shoosmiths is guiding clients through deals and ensuring a successful outcome, even when faced with turbulent operating conditions. Our approach is rooted in commerciality and the ability to problem-solve. We’re looking forward to helping clients navigate the market as it evolves in the coming months.”
