Fladgate advised Equiom (Isle of Man) Limited, professional trustees to the Tritax Next EZ Unit Trust on the real estate investment sale of two Next distribution units, together representing over 1.1m sqft of high-bay distribution warehouse space, with ancillary adjoining land, at Brookfields Park, Manvers Way, near Rotherham to Legal & General Property. Legal & General Property has been granted and acquired long overriding leases, with options to acquire the freehold in 2016, subject to and with the benefit of 25 year FRI occupational leases to Next Group plc.
Henry Franklin of the Fund Manager, Tritax said: “This was a very complex, time sensitive transaction with many moving parts. Fladgate managed the process with great skill and ensured the best outcome was achieved for investors.”
The team comprised funds partners Philip Turner and Ella Leonard, regulatory and compliance partner Charles Proctor and senior associate John Forde.