Legal business DWF has advised private real estate fund management business Clearbell on the sale of its 1.6m sq ft Nevado portfolio following a two-year investment.
The portfolio comprises eight distribution and logistics assets across Banbury, Greater Manchester, Leicester, Maidstone and Peterborough and is home to a number of the UK’s major retailers, including Cash Converters, Radial Inc, Shop Direct and a leading online retailer. Clearbell has sold the portfolio to fund managers Blackstone having built it up since 2014, securing 460,000 sq ft of new leases and asset management initiatives as well as the development of an additional three units.
DWF’s real estate team, who acted on the acquisition and asset management of the various assets, advised Clearbell on the sale. The team was led by National Head of Real Estate Toby Askin and real estate director Stephen Hickling with support from associate Richard Lomax and solicitor Mark Costello alongside banking advice from Head of Banking in London partner Iain Shurwood and banking solicitor Leah Glover.
Stephen comments on the deal: “It was a pleasure to work with Clearbell on the sale of the Nevado portfolio which they have worked hard to build up, attracting strong interest from key tenants and further investors. This transaction highlights DWF’s ability to leverage experts across the country and across various legal services, having access to our banking colleagues in London and real estate experts in Birmingham and Newcastle we were able to successfully complete the deal efficiently and quickly for our client.”
DWF’s circa 200-strong national real estate team regularly advises major corporates, developers, investors and occupiers, counting many household names amongst its client base, both in London and nationally. The group transacted on in excess of £2bn of real estate transactions last year alone.