Our real estate team has advised NFU Mutual in its £75 million forward commitment purchase to develop 235,000 sq ft of industrial units at the Base in Crawley, East Sussex.
The funding commitment will secure the delivery of two logistics units: an 88,000 sq ft hub and a 147,000 sq ft facility. The deal was completed by NFUM alongside Pictet Alternative Advisors and Marchmont Investment Management.
The project has sustainability at its heart with carbon saving processes and materials being used in the buildings' construction, as well as utilising smart energy systems once completed. The site also holds a BREEAM 'Excellent' rating.
The real estate team from Gowling WLG provided advice in relation to of the acquisition and development of the asset, and was made up of partner Dan Gwilliam, legal director Denise Sexton, principal associate Hannah Daeche and associate Ben Sasson.
Dan said: "It has been a pleasure to provide input surrounding this exciting acquisition and development - a prime example of the high demand for logistics space and increased commercial opportunities that are so evident at the moment. With businesses - and their supply chains - continuing their return to pre-pandemic operational levels, we are only going to see this increase."
Jon Brice, fund manager, NFU Mutual, said: "These two units will be really exciting additions to our portfolio and continue building upon the industrial development strategy that we have deployed. I would like to thank everyone involved for their hard work getting us to this stage, and I am really looking forward to these Grade A, ESG-led buildings being brought forward."
Gowling WLG is home to industrial and logistics sector-focused experts who have been at the heart of the resurgence in the logistics market.