Armstrong Logistics has acquired one of the largest units at Magna Park in Lutterworth with the legal support of the Leicester-based law firm Shakespeare Martineau.
Armstrong Logistics has taken a second warehouse measuring 377,070 square feet - at an initial investment of more than £5 million - in order to meet the contractual demands of its growing clients.
The significant investment includes a 15.5 year lease commitment and an initial fit-out valued in excess of £2.5 million. The unit also includes a 568 space two storey car-park and fuel refilling facility.
Shakespeare Martineau supported this major transaction by providing a full investigation of title and advice on the terms, as well as negotiation and completion of all of the property documentation.
Commercial real estate expert and legal director at the firm, Jonathan Fear said: “My colleague Ben Darlow and I had to work under a strict timescale, co-ordinating a number of stakeholders to get this deal to completion. A transaction of this nature would typically take between eight and 12 weeks without any hold-ups. We successfully completed this deal in just five weeks, as required by our client.
“Given the time pressures, it was crucial that we provided the Armstrong Logistics team with detailed, legal expertise and analysis to enable them to make informed, timely, commercial decisions.
“This is a significant milestone for Armstrong Logistics and is a positive example of how the retail food logistics sector has met the challenges of lockdown and successfully expanded in spite of the recession. Kudos goes to Armstrong Logistics for this fantastic achievement.
“Our involvement in such a significant deal is further indication of our expertise in the logistics sector. Our local knowledge and regional office location puts us in prime position to support deals within the East Midlands, nationally pre-eminent logistics hub.”
Finance and commercial director, Marcus Fischer from Armstrong Logistics said: “We’re thrilled to have completed on a second site at Magna Park. This is our fourth site across the UK. We had to act fast on the opportunity at Magna Park, and couldn’t have done it without Jonathan and Ben.
“For us this deal has meant a huge amount to the business – and marks a key point in our 30 year history.”
Undergoing major expansion, Magna Park is considered one of Europe’s premier logistics location.
For more information about Shakespeare Martineau’s commercial real estate services visit www.shma.co.uk