Ogier has acted for property investment company Urban Logistics REIT on the acquisition of seven distribution properties for a total of £47.2m from Legal & General Investment Management.
The transaction, effected through the acquisition of a Jersey property unit trust, involved a number of law firms across Jersey, England and Scotland. Ogier worked with Urban Logistics' onshore counsel, Wedlake Bell.
It was one of the first major real estate transactions to take place under lockdown restrictions imposed as a result of the Covid-19.
Partner Richard Daggett, who led the Ogier Corporate team, said: "This transaction is indicative of the strength of the mid-sized logistics warehousing sector and the likelihood that this sector will continue to thrive in a post-Covid environment.
"We used tools such as electronic signature software DocuSign to support our clients and the other parties involved in this complex transaction, and avoid the difficulties the restrictions could have posed.”
The portfolio purchase by Urban Logistics comprises seven sites, with an average warehouse size of 84,105 sq ft, located in Aberdeen, Huntingdon, Blackpool, Ipswich, Newmarket, Plymouth and Rotherham.
It follows nine other acquisitions (including seven industrial properties from Paloma for £39.1m) funded by a £136.1m equity capital raise in March.