Square One Law acts on £56m London distribution centre deal
Newcastle commercial law firm Square One Law has advised Meaalofa Developments Holdings Limited on the sale of its subsidiary to London Metric Property plc in a deal worth £56.5m.
Meaalofa owned a 410,000 sqft distribution centre on a 28 acre site at Goresbrook Park in Dagenham which is let in its entirety to Eddie Stobart Logistics Limited.
Andrew Jones, chief executive of LondonMetric, said: “This is an exceptional strategic distribution asset in London with excellent asset management and development opportunities. Assets like this rarely become available. We are excited at the prospect of working with Eddie Stobart to maximise the site’s potential and share in its future growth, underpinning our strategy of working with tenants to deliver high occupier contentment.”
Trevor Silver of Meaalofa said: “This was a complicated transaction to structure due to the number of parties involved. We are delighted to have refurbished the properties, let them to Stobart and to have sold the resulting Investment to London Metric. The Square One Law team of Barney Frith, Mark Lazenby and Marie-Louise Bozonet acted for us throughout and we have been delighted with their performance”
Square One Law partner, Mark Lazenby said: “This deal represents a fantastic outcome for our client having only bought the site 12 months ago. Meaalofa indentified an opportunity at Goresbrook Park and their hard work over the last year has paid off for them. We were delighted to work alongside the Meaalofa team to deliver what is a fantastic result.”