FDR Law advise Network Space on a £93m portfolio sale
The Real Estate team at FDR Law have concluded the sale on behalf of Network Space of a 1 million sq ft portfolio of 25 industrial holdings to InfraRed Capital Partners, in a deal worth £93 million that also includes two development sites in Salford and Liverpool.
The portfolio comprises sites across the region including properties at Oldham Broadway Business Park, Platinum Court Knowsley, Agecroft Network Centre Swinton, Venture Point West at Speke, Chalon Way St Helens and Wellington Employment Park and LFIVE in Liverpool. Each of the sites will continue to be managed by Network Space for InfraRed which is acting on behalf of InfraRed Active Real Estate Fund IV.
The sale was led by Partner Stephen Woodall with assistance from Partner Margaret Evans and the wider Real Estate team at FDR Law. The separate management agreement was dealt with by Partner John King.
The deal is the third substantial portfolio sale that FDR Law have handled for Network Space following on from the £42 million sale of a 630,000 sq ft multi-let portfolio in 2017 and a £20 million portfolio sale comprising Compass Industrial Park in Liverpool and Lea Green Business Park in St Helens completed in 2016.
On completion of the deal, the Chief Executive of Network Space Richard Ainscough said “FDR have just done another excellent job on advising on the sale of a further 25 industrial units and the ongoing management of them”
Commenting on the sale, Stephen Woodall Head of the Commercial Department at FDR Law added:
“We are delighted to have been instructed on this substantial instruction by Network Space which with the other portfolio sales we have handled for them in the last two years brings the total value of properties disposed of on their behalf beyond the £150 million mark. The transaction was undertaken by a small but highly committed team from our Real Estate group who worked very closely with the client and their agents to complete this transaction expeditiously.
This sale and the earlier transactions for Network Space demonstrate the depth of experience we have within our Real Estate team. The team are regularly instructed on substantial transactions throughout the North of England and we act for an impressive list of clients which include United Utilities Plc, Langtree Property Partners and a number of local authorities throughout the region.”