Companies advise on 1.65 million sq ft logistics deal
Two Yorkshire firms have advised on a massive industrial property deal.
Leeds-based property consultancy Dove Haigh Phillips (DHP) and law firm Walker Morris helped to broker a significant transaction between Neovia Logistics, a third-party logistics provider, and Griffen UK.
Neovia Logistics has completed the sale and leaseback of its Desford Campus, Leicester, with Griffen UK, an international real estate investment and development fund managed by Griffen Capital.
The 1.65 million sq ft facility comprises three modern warehouse buildings and provides swift access to Junction 21, M1 and Junction 3, M69.
In addition to the 82-acre operational campus, Griffen UK has also acquired an adjoining 46-acre site with immediate development potential from Neovia. The sale price was undisclosed.
Mike Dove, partner of DHP, said: “We were delighted to represent Neovia in the delivery of this large and complex transaction, which reflected the underlying fundamentals of the UK logistics property market.
“We were also proud to be part of a Yorkshire team with Walker Morris on such a high-profile deal, illustrating the strength of the professional services sector in Leeds.”
Neovia CEO Pat Olney explained: “Having operated from this campus since 1987, Desford is Neovia’s largest global facility and continues to be of key operational importance.
“This transaction aligns with our asset-light global business model and establishes a significant partnership with a leading property investor for future collaboration.”
Rui Nobre, CEO of Griffen, added: “This acquisition provides Griffen with an excellent opportunity for both large-scale development and potential future redevelopment.
“Griffen continues to have a high conviction in the UK logistics sector so, notwithstanding the outsized challenges brought about through trying to close in the midst of a financial and pandemic crisis, we see this as a lucrative golden triangle purchase to add to our institutional grade portfolio of strategically located logistics assets in the UK.
“Both the Neovia and Griffen teams worked tirelessly to get this across the line and we are looking forward to the ongoing partnership with Neovia.”
