Rockspring acquire in logistics sector
Forsters has advised clients of Rockspring Property Investment Managers LLP (“Rockspring”) in relation to the acquisition of three urban logistics assets.
Lansdown Industrial Estate in Cheltenham, has been acquired from a joint venture between Galliard Homes and Cain International for £16 million. The estate, comprising 35 industrial units, is the largest single ownership industrial estate in Cheltenham and is fully let.
Rockspring has also purchased a prime industrial site in Poyle, located in the well-established industrial and logistics market in close proximity to Heathrow Airport. The purchase price was around £11 million. The 72,460 sq ft site, which was acquired from APP, is fully let to Adelie Foods Limited and Universal Packing Specialists Limited on short term leases.
In addition, Rockspring has forward purchased a speculative logistics development in Brackley, Northamptonshire for approximately £14 million. The scheme, which is due to reach completion towards the end of 2017, will comprise 132,380 sq ft across eight units and has been acquired off market from Albion Land.
Commercial Real Estate partner, Victoria Towers, advised in relation to Cheltenham, assisted by Paul Grayson, Anthony Goodmaker and Danielle Kenyon. Senior Partner, Smita Edwards advised in relation to the Poyle and Brackley, assisted by Hannah Rickard in relation to Poyle and Lizzie Chapple and Edward Glass in relation to the Brackley forward purchase. Head of Construction, partner Sarah Cook, advised on construction matters in relation to all three transactions, assisted by Richard Spring and Daniel Burr.