Ashurst advises ICG Real Estate on £200 million UK logistics portfolio

Global law firm Ashurst has advised ICG Real Estate on a £200 million logistics portfolio, bringing five corporate vehicles (SPVs) holding UK logistics assets into its European Industrial and Logistics focused fund.

The SPVs hold a diversified portfolio of UK logistics and industrial assets located in Coventry, Reading, Burgess Hill, Barnsley and Wakefield, with a combined footprint of nearly 1 million sq ft.

The transaction incorporated detailed property provisions including rent apportionment, service charge reconciliation and rent arrears mechanics, comprehensive tax covenants, and post-completion obligations relating to further land transfers.

The Ashurst team was led by Global Head of Real Estate, Sarah Sivyour, Global Head of Tax, Tim Gummer, finance partner Kate Davies and real estate senior associate Dan Fielding. The cross-disciplinary team was made up of real estate counsel David Razzell and senior associates Katie Hughes, Rhena Dhugga and Natalie Simpson-Hassell, tax senior associates Ben Doeh and Rebecca Kell, and associates Monique Thompson, Lucinda Penney and Francisca Costa from tax, real estate and finance respectively.