The logistics team from international law firm Gowling WLG has advised Oxenwood Real Estate and its partner Graftongate on the acquisition of a site in Barking, East London where a major logistics facility will be developed.

Oxenwood Logistics Fund I has purchased the site from an Essex company called TJM Ltd for £14.25 million. Oxenwood will now form a development management agreement with Graftongate to obtain planning consent and construct a 59,263 sq ft unit.

Completion on the unit is expected by mid-2023.

The logistics team advised the buyer on key aspects of the purchase which included due diligence and the negotiation of the sale contract.

Commenting, Gowling WLG legal director Andrew Bennett said:

"It has been a great pleasure for us to provide essential advice surrounding a future development that will help support London and the wider UK's strong logistical network even further. The renewed strength and confidence the market is currently witnessing is a strong signal of post-lockdown recovery and this deal is another demonstration of the value of our leading logistics practice in supporting our clients."