Watson Farley & Williams (“WFW”) has advised Ropemaker Properties Limited (“Ropemaker”), the property arm of BP Pension Fund, on its circa £26.45m forward commitment acquisition of four units of warehouse and logistic space covering 200,000 square feet at the new Tungsten Park Estate (“Tungsten Park”) in Witney, Oxfordshire, England, from Carbide Witney Fortwell Limited (“Carbide”).
Tungsten Park is a 25-acre consented development site, strategically situated 500m from a new junction of the A40 allowing easy access to Oxford and the surrounding area.
With contracts exchanged at the beginning of April 2021, there were numerous conditions related to the construction, planning, lettings and Tungsten Park’s future management to be satisfied before completion on 11 August 2021.
The WFW London Real Estate team advising Ropemaker was led by Partner Hetan Ganatra, working closely with Partner Gary Ritter and Senior Associate Peter Rutledge. Partner Barry Hembling and Associate Hazel Boland-Shanahan advised on construction law matters, with Partners Nick Walker and Richard Stephens leading on the planning and tax aspects of the deal respectively. Associate Rohan Inamdar advised on corporate matters relating to the management company.
Hetan commented: “I am delighted to have been able to advise Ropemaker on this acquisition which represents a valuable addition to their existing investment portfolio, particularly in today’s climate, where warehouse and logistics are a key growth area for commercial real estate. This deal cements our reputation as one of the leading law firms advising on commercial real estate acquisitions”.