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          DWF advises on £24.65 million property portfolio acquisition

          DWF, the global legal business, has advised Custodian REIT plc on its latest £24.65 million property portfolio acquisition.

          Date: 04/10/2019

          Custodian REIT plc ("Custodian") is a property investment company for private and institutional investors seeking high and stable dividends from UK real estate. 

          DWF's corporate team in Scotland, led by partner Gary MacDonald, and real estate team in Leeds, led by partner Jim Speed, acted for long-term client Custodian in the purchase of the entire issued share capital of John Menzies Property 4 Limited which owned the portfolio of eight 'last mile' distribution units across the UK. Tax partner Caroline Colliston provided tax advice on the transaction. 

          The acquisition was followed by a subsequent leaseback of the distribution units to print media logistics company, Menzies Distribution Limited, the current tenants. Menzies Distribution Limited are one of the UK’s leading print media logistics companies, servicing 1,700 routes per day from over 50 sites across the UK and Ireland.

          Jim Speed said: "We have advised Custodian over a number of years, including on their IPO and several high-value real estate acquisitions. This latest deal enables Custodian to diversify its portfolio at the same time as entering into a long term relationship with a strong tenant."

          Gary MacDonald said: "This is the latest in a number of corporate wrapper acquisitions we have done for the Custodian team over the past few years, and it was pleasing to help Custodian deliver this strategic deal in a challenging market for real estate investment."

          Commenting on the acquisition, Ed Moore, finance director of Custodian Capital Limited (Custodian's discretionary investment manager) said: "The team led by Gary and Jim provided excellent support and expertise in this significant transaction and the commercial approach they bring to every deal always helps to ensure a smooth and successful completion."

          Gary, Jim and Caroline were supported on the deal by real estate senior associate Ferga McKay, corporate solicitor Graham Tait and tax solicitor Freya Gibb.

          Related people

          Caroline Colliston

          • Partner // Member of Diversity & Inclusion Leadership Group

          Ferga McKay

          • Senior Associate