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Acquiring a significant UK logistics site

  • Global
  • United Kingdom

    03-02-2020

    Eversheds Sutherland advises SEGRO on 450 acre logistics acquisition

    Eversheds Sutherland has advised long-standing client SEGRO on its acquisition of a 450 acre logistics site, known as Gateway South, Coventry, which is adjacent to the city’s Airport.

    A cross-practice team from Eversheds Sutherland advised SEGRO on its acquisition of all interests in the Coventry & Warwickshire Development Partnership, the scheme developer formerly owned by Rigby Group, Roxhill and SEGRO. This acquisition gives SEGRO complete ownership of Gateway South.

    Eversheds Sutherland’s Corporate, Real Estate and Planning teams all collaborated to ensure the successful acquisition of this strategically important site.

    Gateway South, Coventry has planning consent to develop 3.7m sq ft of industrial and warehouse buildings with a gross development value in excess of £400m. The development includes investment to remediate the former sewage works and post-war landfill site, build new road and drainage infrastructure and create a 230-acre community park.

    Infrastructure and remediation works on Gateway South began in January 2020 and will be completed in early 2023, with the first occupation of the industrial and logistics park possible from this date.

    Theresa-Marie Stodell, Corporate Partner at Eversheds Sutherland, said:

    “Our cross-practice indirect real estate team is delighted to have advised and supported SEGRO in the acquisition of this strategically significant site. They are building a competitive portfolio of industrial and logistics sites across the UK to grow their long-term footprint in this market, and we look forward to working with them in delivering more “big box developments” in years to come.” 

    Andrew Pilsworth, Business Unit Director, SEGRO, also commented: 

    “Gateway South, Coventry is truly an excellent location. It’s well-connected, close to major population centres and it’s one of a small number of sites that can accommodate our long-term vision of creating a high-quality industrial and logistics park.”

    The Eversheds Sutherland team was led by corporate partner, Theresa-Marie Stodell, supported by real estate partners David Emberson and Bruce Dear.

    Eversheds Sutherland was reappointment to SEGRO’s legal panel alongside CMS and Gowling WLG in December 2018, having first been appointed in 2008.

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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