Appleby has acted as counsel to LondonMetric on the acquisition of Savill’s IM Income and Growth fund for GBP122 million.
Law firm Appleby acted as Jersey counsel to LondonMetric Property PLC in connection with the Jersey aspects of this transaction. This was the most significant transaction that Appleby’s Jersey office has advised LondonMetric on to date.
LondonMetric, a FTSE 250 listed REIT that owns one of the UK’s leading listed logistics platforms completed the acquisition of Savills UK income & Growth Fund on 22nd December 2021. The Fund owns a portfolio of 15 assets across 482,000 sq ft with 75% in urban logistics and the remainder comprising long income assets. 74% of the assets are located in London and South East of England.
The Appleby team consisted of Partner James Gaudin and Group Partner Iain Millar, assisted by Senior Associate Paul Worsnop.
Managing Partner for Appleby in Jersey, James Gaudin (pictured), observed: “We are thrilled to have once again provided assistance to LondonMetric on the most significant transaction for which we have acted as counsel so far. Our team worked well together to add value to the transaction and get the deal over the line.”
Andrew Jones, Chief Executive of LondonMetric, commented: “Following our equity placing last month, we are pleased to have quickly invested a substantial proportion of the proceeds into this high-quality portfolio. Reflecting their London & South East weighting, we expect these assets will continue to perform strongly as high occupier demand and diminishing warehouse supply drive rental growth higher.”
