Wragge & Co real estate experts secure £47 million funding for Goodman development

Wragge & Co LLP's real estate experts have advised international property group Goodman on securing £47 million funding for the construction of a 467,891 sq ft regional distribution centre at its Andover Commercial Park (formerly Andover Airfield) in Hampshire. Funding for the project was provided by Legal & General Property.

Construction of the distribution centre, which is being developed for the Co-operative Group, will begin next month.

Commercial development partner John Burns led the cross-firm team, working with associate Daniel Walsh, planning partner Andrew Thomas, construction associate Ben Weston and banking and finance specialist Julian Pallett. The team worked closely with the Goodman UK Logistics team, led by developer Jason Harris.

John Burns said: "The opportunity to work again as part of the Goodman team on such a significant transaction is one that we have all enjoyed. In the current environment, projects such as this are particularly significant and we are all delighted to have played a part in ensuring its success for all concerned."

Goodman's group chief executive officer, Greg Goodman, said: "This significant development is one of the largest pre-let transactions to be announced in the UK over the last 12 months and we are pleased to be undertaking it on behalf of The Co-operative Group. We are experiencing renewed customer and investor demand in the UK and across our markets around the world. This transaction demonstrates our ability to successfully deliver on our pre-let and pre-funded development strategy, with high quality investment partners such as LGP."

With operations throughout Australia, New Zealand, Asia, Europe and the UK, industrial property group Goodman develops and manages industrial property and business space around the world. Wragge & Co has been working with Goodman on this project since 2006, advising on the initial purchase of the land and subsequent pre-let deal with the Co-operative Group earlier this year. Clifford Chance advised Legal & General.

Wragge & Co's 10-partner Commercial Development team advises UK and international developers and investors on acquisitions, developments and disposals. At the end of last year the team advised Development Securities PLC on its unconditional acquisition of a 1.5-acre car park site in Hammersmith Grove, London and on the £42 million completion of its 147,000 sq ft CityPark development in Manchester.