8 October 2009

JV with Harbert - Acquisition of 4 industrial estates

Forsters acts for Canmoor on £103.75m joint venture with Harbert

Forsters has acted for Canmoor Asset Management on its joint venture with US fund manager Harbert that resulted in the acquisition of four industrial estates from Segro for £103.75m.  

Under the terms of the joint venture Canmoor will handle the management of the portfolio which comprises 2.1 million sq ft of space over four multi-let industrial parks in Dunstable, Luton, Park Royal and Poyle near Heathrow. 

Forsters property partner Eugene McMahon and corporate partner Jeremy Whiteson advised Canmoor on the negotiation and terms of the joint venture.  Harbert were represented in the JV negotiations by Travers Smith.

Martin Smith, Lead Director of Canmoor, said: “This was a good off market opportunity and we were delighted to start our Harbert joint venture with this portfolio.  Forsters helped ensure that the negotiations went smoothly and created a sound basis for our future relationship with Harbert.” 

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