Mishcon de Reya has advised Equites Property Fund on the £200.5 million sale of its Springbox portfolio to a fund managed by ICG Real Estate.
The portfolio includes five large distribution centres in Coventry, Reading, Burgess Hill, Barnsley and Wakefield, covering nearly 1 million sq ft in total. The buildings are let to well-known occupiers, including DHL, GXO, Puma and Evri.
The sale is an important step for Equites, helping it realise value from its UK assets and recycle capital into its South African development pipeline. It also highlights continued demand for high-quality logistics space in strong locations across the UK.
Mishcon de Reya advised Equites on all aspects of the transaction, with teams from Real Estate, Corporate, Tax, Banking, Construction and Planning working together to support the deal.
Riaan Gous, Chief Operating Officer at Equites Property Fund, commented: "We are pleased to have completed the sale of the Springbox portfolio to ICG Real Estate. This transaction is an important milestone for Equites, allowing us to realise value from a mature UK portfolio, support balance sheet flexibility and recycle capital into higher-yielding development opportunities in South Africa. The Mishcon de Reya team, led by Anju Suneja, provided excellent support throughout this process with their ability to bring together expertise across multiple disciplines proving invaluable in delivering the transaction for us."
Anju Suneja commented: "Having advised Equites since their entry to the UK market, it has been a privilege to support them on this landmark transaction. It shows the continued appeal of well-let logistics assets to investors, and the value of a collaborative approach across different legal disciplines on complex deals."
With over 140 fee earners, including 46 partners, Mishcon de Reya's Real Estate department is one of London's largest and most diverse property teams. Our Real Estate department includes well-regarded specialist practice areas and provides a one-stop shop for all of our clients' property requirements, delivering a seamless service from investment, structuring, funding, acquisition and planning, through to construction, development, tax and litigation advice. Real Estate is one of the three key strategic sectors outlined in the firm's Vision 2030 strategy.