Forsters advises Fiera Real Estate UK and Cubex on the acquisition of a 2.6 acre development site in Bristol
27 April 2023
News
Forsters has advised Fiera Real Estate (“Fiera”) and Cubex on the acquisition of a 2.6-acre site in Filton for the proposed development of a new 75,000 sq.ft Grade A urban logistics scheme with a GDV of £20m. The scheme is expected to complete in the second quarter of 2024.
The site was purchased through the Fiera Real Estate Logistics Development Fund UK (“FRELD”). All assets in FRELD’s portfolio will meet the rigorous environmental and social requirements set out by FRE UK’s Sustainable Design Brief, which align with its ambition to drive positive change and contribute to a low carbon economy. The scheme has had ESG considerations embedded at all stages of its design process and along with future projects for the fund, it will be targeting net-zero carbon construction, BREEAM Excellent and EPC A.
The site is situated in the Filton area of Bristol, which is already a prime industrial location and in close proximity to the M4, M32 and A38. It was previously occupied by Rolls Royce before being acquired by St Francis Group and is the last remaining plot of the Horizon 38 development, which already hosts several investment grade occupiers.
Joe Downey, Managing Director at Cubex, commented “I absolutely love this site. Filton is undoubtedly the best-connected location in Bristol for urban warehousing. The immediate area is home to some of the largest aerospace and defence companies in the world, and the neighbouring Brabazon development will create an entirely new neighbourhood with thousands of new homes.”
Chris Button, Fund Manager at Fiera, added, “We are super excited to be funding another high quality and sustainable development with Cubex and have immediate appetite to invest a further £250m.”
Commercial Real Estate Partner Jade Capper, assisted by Senior Associate Charlie Croft, advised on the deal.
Forsters advises Fiera Real Estate UK and Wrenbridge on the acquisition of a 2.3 acre development site in Hemel Hempstead
5 September 2022
News
Forsters has advised Fiera Real Estate (“FRE UK”) and Wrenbridge on the acquisition of a 2.3 acre site in Hemel Hempstead for the speculative development of a new 52,000 sq.ft Grade A industrial warehouse scheme with a GDV of £22m. The proposed development will benefit from 12 metre clear internal eaves, 50kN/sq m floor loading, PV panels, electric car charging points and high efficiency HVAC systems.
The site was purchased through the Fiera Real Estate Logistics Development Fund UK (“FRELD”) and represents the first acquisition for the fund which reached its first close earlier this year with £180m of equity committed. All assets in FRELD’s portfolio will meet the rigorous environmental and social requirements set out by FRE UK’s Sustainable Design Brief, which align with its ambition to drive positive change and contribute to a low carbon economy. The scheme has had ESG considerations embedded at all stages of its design process and along with future projects for the fund, it will be targeting net-zero carbon construction, BREEAM Excellent and EPC A.
The site is situated within the Maylands Business Area, which is a prime industrial location and is less than two miles from Hemel Hempstead town centre. The town is one of the principal commercial centres of Hertfordshire and the property benefits from excellent transport links due to its strategic placement one mile from the M1 motorway and four miles from the M25 motorway. Hemel Hempstead also provides regular train services to London within 30 minutes.
Chris Button, Fund Manager of Fiera Real Estate, commented, “We are very pleased to have completed on our first acquisition for the fund and to be bringing forward yet another high-quality and sustainable scheme alongside our Operating Partner, Wrenbridge. The fund is targeting similar sites for speculative industrial development around the UK.”
Jamie Garrett, Director at Wrenbridge, commented “We are really pleased to be delivering much needed, sustainable high quality industrial space to the local area, which will meet demand for traditional warehouse occupiers but will also appeal to mid-tech, R&D and life science operators. The scheme will make a strong contribution to the local economy boosting local jobs. We look forward to delivering this with Fiera.”
Commercial Real Estate Partner Jade Capper, assisted by Senior Associate Daniel Steele, advised on the deal.
Forsters advises Barwood Capital and Invesco Real Estate on the acquisition of two proposed industrial and logistics schemes
7 June 2022
News
Commercial Real Estate Partner, Victoria Towers, led a team advising a new partnership between Barwood Capital (“Barwood”) and Invesco Real Estate (“Invesco”) on the acquisition of its first two assets in a proposed portfolio of urban/last mile industrial and logistics warehouses.
Working with Victoria, Senior Associate, Ed Glass assisted on the purchase of the Manchester site, and Commercial Real Estate Partner, Jade Capper on the Coventry acquisition.
The first property to be purchased by the joint venture is a 4 acre site on Manchester’s Trafford Retail Park, with the second being located in Coventry, close to Junction 3 of the M6. Consent for the 5.25 acre Coventry scheme has already been secured and construction is due to start in July 2022. The combined GDV of the sites is expected to be c.£300m. As part of Invesco’s net zero objectives, the sites will be developed with the firm’s proprietary ESG checklist and criteria in mind.
Edward Henson, Director and Head of Transactions at Barwood, said: “Demand for industrial space remains strong across the UK regions and our partnership with Invesco allows us to use our combined expertise to unlock development and asset management opportunities and capture the supply/demand imbalance that exists in key locations.”
Rob Johnston, Head of UK and Nordic Real Estate Transactions at Invesco, added: “We have a strong pipeline of further opportunities as we work towards our aim to create a portfolio of 6-8 schemes, with an AUM of around £300m.”
Forsters has advised Fiera Real Estate UK (“FRE UK”) and Wrenbridge on the sale of a 33,000 sq. ft. urban logistics unit in Park Royal, London
22 April 2022
News
The property was purchased from Wrenbridge and Fiera Real Estate’s Opportunity Fund V UK, a programmatic venture series with CBRE Global Investment Management.
The asset, which is currently let to a cosmetics wholesaler with a lease expiry in December 2022, was purchased by Vengrove for VRE Industrial Partners (VREIP), its UK value-add industrial and logistics strategy. It is VREIP’s first acquisition in London, as it seeks to assemble a regionally balanced UK portfolio.
Chris Button, Fund Manager at FRE UK, commented “We are delighted to have completed on the sale of this high-quality asset, located in the midst of London’s logistics hub. Fiera Real Estate has considerable funds to commit to sites with similar features around the UK.”
Commercial Real Estate Partners Smita Edwards and Jade Capper advised on the deal. Stonehill also acted on behalf of FRE UK and Wrenbridge. Vengrove was advised by Levy Real Estate, Dentons, Hollis and Nova Ambiente.
Forsters, the leading London real estate and private client law firm, announces today that it has promoted six Senior Associates to Partner and four to Counsel. This is the single largest round of promotions that the firm has recorded in in its 24-year history. Forsters now has 66 partners and 420 other members of staff.
Emily Exton, Managing Partner at Forsters, commented: “We have promoted 10 talented lawyers from across our practice areas, reflecting the fantastic talent pool we have at Forsters and the strength of the firm’s business. Each of these exceptional individuals has already established a strong market profile and has a track record of providing technically excellent advice to our growing client base while also contributing to our positive working culture. I look forward to working with them as they continue to develop in their new roles.”
James Brockhurst, new Partner in our Private Client team, commented: “Forsters is an extremely powerful player in my sector, private wealth, so I am delighted to be joining the partnership. I will be working with clients and intermediaries in the offshore market, and especially look forward to promoting our business in the Middle East. Alongside this, I will continue to work on a deep level in the cryptoassets space, as that industry grows rapidly.”
Jade Capper, new Partner in our Commercial Real Estate team, commented: “I am delighted to have been promoted to Partner during my 10th year at Forsters. Having trained at Forsters, I am excited to be embarking on this new role at the firm and to continue working with our brilliant Commercial Real Estate team and fantastic clients on a broad range of investment and development work. I look forward to further contributing to the team and the firm as a whole, and helping to grow our already formidable network of industrial and logistics clients and advising them on complex and interesting high value deals.”
Amy France, new Partner in our Commercial Real Estate team, commented: “I am delighted to have been promoted to Partner. Having trained at Forsters it is a very special opportunity for me to join the next generation of Partners who will help to steer the firm forward. I am looking forward to leading the Later Living practice within the Commercial Real Estate team and advising our clients who are investing in this exciting growth sector. I will be working alongside the other real estate partners to ensure that our clients receive the fantastic Forsters’ service that we are rightly recognised for.”
Anthony Goodmaker, new Partner in our Commercial Real Estate team, commented: “Having trained at the firm, to become a Partner at Forsters really means a lot to me. I am incredibly proud and excited to be making this step up at such an interesting time for the real estate industry. I am keen to build on our existing network of fantastic clients across the spectrum of investment and development work, with a particular focus on the industrial and logistics sector. As a Partner, I look forward to further contributing to our team and the firm as a whole.”
Caroline Harbord, new Partner in our Dispute Resolution team, commented: “I feel so proud to now count myself among the partners here at Forsters. In addition to being home to fantastic lawyers, the firm is a trail blazer on gender equality and has fostered a culture which really promotes thought leadership. As a partner in the Dispute Resolution team, I look forward to continuing to build my commercial litigation practice, and in particular helping trustees and other parties recover offshore investment losses.”
Anna Mullins, new Partner in our Property Litigation team, commented: “I am delighted to have been promoted to partner in our highly-regarded property litigation team. This promotion reflects the success and growth of our team. I look forward to working strategically with the partners in our award-winning commercial real estate and residential practices to ensure that we continue to grow and deliver a first-class service to our clients.”
Michael Armstrong, new Counsel in our Private Client team, commented: “Having trained at Forsters, I am delighted to have been promoted to Counsel in our award-winning Private Client group. This promotion confirms the firm’s commitment to mental capacity work, and I am looking forward to the chance to develop my practice advising and supporting vulnerable clients and their families.”
Polly Reeve, new Counsel in our Rural Property team, commented: “Having been with Forsters since 2010, I am delighted to be moving to this next phase of my career with the support of such an excellent team around me – our top ranked Rural Property practice provides a strong platform for this to happen. This promotion reflects the expertise we have built and continue to build in the rural sector and in my particular case, in rural transactions, complex and high value residential and mixed-use developments and renewables. My expertise in rural housing development and green energy projects, particularly solar, battery storage facilities and wind farms in rural areas are key issues for our clients and I will developing a broader practice in this demanding area of law.”
Amanda Sandys, new Counsel in our Family team, commented:
“In my new role as Counsel I will be further developing my expertise in advising and supporting clients who are part of a growing network of modern families, with a focus on the financial and parenting issues that can arise on separation particularly amongst cohabitants. Working closely with the wider team, and building on our strong market reputation, I look forward to contributing to the ongoing success of our practice.”
Bryan Shacklady, new Counsel in our Dispute Resolution team, commented: “I am looking forward to developing further our market leading dispute resolution practice, which is unique in combining highly effective commercial litigation with other practice areas for which Forsters is justifiably renowned.”
Forsters advises Barwood Capital on the acquisition of a proposed industrial and logistics scheme in Nottingham
19 October 2021
News
Forsters has advised Barwood Capital (“Barwood”) on the purchase of a 17.4 acre site in Bulwell, Nottingham for the development of a new high quality industrial and logistics scheme.
Barwood have teamed up with Premcor, who will act as their development manager, to secure planning and deliver a net zero carbon and BREEAM Excellent 370,000 sq.ft. single unit close to the M1.
Edward Henson, Director and Head of Transactions at Barwood Capital, comments: “With the support of the City of Nottingham, we are looking forward to creating first class, sustainable logistics accommodation in an area where there’s currently no available units above 300,000 sq ft. Meeting this demand will offer jobs and opportunities to many local residents as we continue to emerge from the Coronavirus pandemic.”
Forsters advises Barwood Capital and Bridges Fund Management on the acquisition of a proposed £20m net zero carbon urban logistics scheme
19 July 2021
News
Forsters has advised Barwood Capital (“Barwood”) and Bridges Fund Management (“Bridges) on the purchase of the former John Nike Leisuresport Ice Rink in Bracknell for the development of a new £20m logistics scheme.
Barwood will act as Development Manager and are looking to deliver highly sustainable net zero carbon, BREEAM Excellent and EPCA+ specification warehouses at the 3.34 acre site.
Edward Henson, Director and Head of Transactions at Barwood Capital, comments: “Following the closure of the Ice Rink, we are delighted to be bringing this site back into use. Local businesses in Bracknell seeking warehousing space currently have limited options. Our plan is to deliver in the region of 70,000 sq. ft. of industrial space through the proposed new scheme which will go some way to meeting this demand.”
Henry Pepper, Investment Director at Bridges Fund Management, adds: “This well-located site can be positioned to meet strong local demand for industrial and logistics. Together with Barwood, we will draw on our extensive experience of developing best-in-class low-carbon logistics sites to create a scheme which is both energy-efficient and highly sustainable in its operation.”
