Cains has assisted Clearbell Property Partners II LP with the Isle of Man law aspects of its sale of 1.6m sq ft of logistics units from the Nevado portfolio to real estate funds managed by Blackstone.
The Nevado distribution and logistics portfolio focuses on meeting the “last mile” challenges faced by retailers and distributors driven by intensifying consumer demand across the UK and consists of eight assets, four in Greater Manchester and one in Peterborough, Maidstone, Leicester and Banbury respectively. A 202,000 sq ft warehouse unit in Peterborough was let on a 25-year lease to Bokomo, the UK’s leading cereal maker, earlier this year. Other tenants in the portfolio include a major online retailer, Shop Direct, Radial Inc and Cash Converters.
The team from Cains Advocates was led by Andrew Baker.