Ropes & Gray Advises Brookfield on Joint Venture Recapitalization of Prime UK Logistics Portfolio
Ropes & Gray has advised Brookfield, through its real estate solutions strategy, alongside Copley Point Capital, a specialist manager and operator of UK industrial real estate, on a recapitalization of three big-box distribution warehouses from Tritax Big Box REIT with a transaction value of c. £125 million.
The 1.4 million square foot portfolio consists of three Grade A assets in prime locations across the East Midlands and North West markets with strong transport links and undersupply of high-quality stock. The three assets in Skelmersdale, Knowsley and Worksop are fully leased and well-positioned to benefit from long-term fundamentals. Tritax will retain a small minority interest and Copley Point, who are investing alongside Brookfield, will manage the portfolio.
The Ropes & Gray team was led by private equity real estate partner Will Bryant and senior associate Joseph Patchitt, with associates Rosie Bell and Abbey Shaw. Other members of the team included tax partner Chris Agnoli and associate Charlie Voisey.