Wragge & Co advises Harbert Management Corporation on completion of £204.5 million acquisition
Wragge & Co's real estate experts have advised US private equity group Harbert Management Corporation,on the acquisition of four industrial estates from industrial property owner and developer Segro for £204.5 million. The latest acquisition comprises four multi-let industrial estates: Heywood Distribution Park in Rochdale, Trafford Park in Manchester and Kings Norton Business Centre and Meteor Park in Birmingham.
Real estate investment partner John Burns led a cross-firm team of experts including construction partner Richard Green, planning partner Andrew Thomas, corporate partner Jeremy Millington, tax partner Kevin Lowe and property finance partner Colin Hurt.
This is the second major deal between Harbert and Segro that Wragge & Co has advised on this year. Harbert also acquired IQ Farnborough Business Park from Segro for £79.7 million in April.
The Park was home to the Royal Air Force before being converted into a vibrant mixed-use business park by Segro. It provides a total lettable space of 411,000 sq ft plus significant land for future development.
John Burns said: "We have a great deal of experience advising large funds and corporations investing in the UK property market. It is great to have been involved in making both of these major deals happen."
Harbert Management Corporation, sponsor of the Harbert Real Estate funds, is an alternative asset management investment firm. Harbert's committed capital and assets under management have grown from $1.5 billion in 2002 to approximately $2.7 billion as of May 1, 2012. Wragge & Co began acting for the corporation in 2009 on a transaction which involved the acquisition of four multi-let industrial estates from Segro.
Wragge & Co's 12-partner Real Estate Investment team advises major institutional and private investors, developers and high-wealth individuals on property investments within the UK and worldwide. It is part of the firm's 140-lawyer Real Estate group which offers a full service across the entire commercial real estate sector. In the last 12 months the team has advised US private equity firm Blackstone on its £600 million acquisition of the Mint Hotel chain.
For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Rebecca Davies on +44 (0)121 685 3819, Gayle Biddle on +44 (0)121 685 2708 or Amy Richards on +44 (0)121 260 9973
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