JMW advises Blackacre on £38m logistics deal
Law firm JMW Solicitors has advised Blackacre on the £38.6m sale at a NIY of 4.5% of approximately 296,000 sq. ft. of logistics space at Port One Logistics Park to Real Estate company LondonMetric Property, with a pre-let already in place.
The FTSE 250 REIT has acquired Unit 3 at the scheme; a strategic development located close to Ipswich and Felixtowe Port, with direct access to Junction 52 of the A14; a major arterial route. Practical completion of the new unit is expected in Spring 2022.
The proximity of Port One Logistics Park to Felixstowe will make the scheme the most centrally located customs site within the Freeport East Zone, encompassing both Felixstowe and Harwich; which together form the UK’s largest container port.
Simon Maddox, Real Estate Partner at JMW Solicitors, said: “Port One is an extremely well-located development that provides occupiers with quick and easy access the Freeport East Zone, facilitating the efficient movement of goods. There continues to be a significant shortage of industrial and logistics stock within key strategic locations, so the scheme has seen strong levels of interest from potential occupiers. We’re very pleased to be able to support Blackacre with this sale, and look forward to working alongside the team as Port One continues to take shape.”