Cains has acted as Isle of Man legal adviser to Brookfield on its acquisition of a Grade A distribution portfolio from Tritax Big Box REIT, consisting of warehouse units in Skelmersdale, Worksop and Knowsley (the latter of which owned by an Isle of Man company), for a total value of c. £125 million.
The acquisition involved a joint venture arrangement between Brookfield and Copley Point, who invested alongside Brookfield, and who will manage the portfolio going forward. Tritax retains a minority interest in the portfolio.
The commercial units, which in total extend to 1.4m sq ft, are currently leased to Matalan, DHL and Cerealto.
The Cains team, which was led by corporate director Scott Leonard-Morgan with assistance from Senior Associate Matthew Wilkinson, worked in conjunction with Ropes & Gray LLP and Bryan Cave Leighton Paisner LLP to provide Isle of Man legal advice across the corporate, commercial and financing aspects of the acquisition.