A team of real estate experts from international law firm Gowling WLG has advised NFU Mutual on its investment in £100 million worth of new warehousing, equating to six new logistics facilities throughout the UK.
NFU Mutual has exchanged contracts with East Midlands based Clowes Developments to deliver six new logistics facilities. Totalling in excess of one million sq ft, NFU Mutual is investing substantially across three Clowes Developments premier logistics sites, with two new facilities at each of the East Midlands Distribution Centres (EMDC), Castlewood Business Park and Centrix Park. The size of the units will range from 58,586sq ft at Centrix Park to a unit of close to 250,000 sq ft at EMDC.
Gowling WLG has a very long-standing relationship with NFU Mutual, having advised them on their real estate portfolios for many years. On this transaction, the firm acted on all aspects of the acquisition and development funding of the portfolio of assets including planning, construction and tax advice.
Client partner, Dan Gwilliam, who led the advice from Gowling WLG, said:
"It has been a great pleasure for the team and I to work closely with NFU Mutual and Clowes and provide the range of legal advice at the scale needed to create this major logistics development partnership and support the Fund's investment strategy. The renewed strength and confidence the market is currently witnessing is a true marker of post-lockdown recovery and the significance of this deal's scope and size is another demonstration of the value of our leading logistics practice in supporting our clients."
Jon Brice who is a property fund manager at NFU Mutual, said:
"Dan and the whole team at Gowling WLG were invaluable in delivering a complicated transaction under significant time pressures. The team's hard work, expertise and advice was excellent throughout the process. I would like to personally thank all those involved and look forward to working on the next project together."
Dan was joined on the team advising NFU Mutual by partners Philip Baker, Vicky Fowler and Chris Nyland, principal associates Hannah Daeche, Philippa Satterthwaite, Meera Lakhani and Heather Hill, legal directors Susannah Fink and Denise Sexton, and associate Sam Cooper.
Advisors to NFU Mutual on the transaction were: Burbage Realty and PSK (Property) and Gowling WLG (Legal).
Advisors to Clowes were FHP Property Consultants (Property) and Geldards (Legal).