The commercial property team at BPE Solicitors LLP has advised Stobart Group on the sale of a 315,000 sq. ft. distribution centre for £16.925m to the real estate investment fund, Gramercy Europe Limited. Senior associate Rebecca Maxwell acted on the deal with assistance from BPE’s corporate and construction teams. The transaction also involved a lease-back to Stobart Group for an initial period of 20 years subject to an underletting of the majority of the site to Eddie Stobart Limited that provides storage space to service two long-term distribution contracts.
Stobart Group acquired Carlisle airport in 2009 and completed the development of the distribution centre in 2015, marking the successful conclusion of the first phase of development at the airport. Speaking of the deal, Rebecca Maxwell said: “We are delighted to have supported Stobart Group in this transaction. The sale and lease back with Gramercy involved a number of different strands, but by involving experts from the specialist teams within BPE we were able to ensure that all elements were completed to schedule and to the satisfaction of all parties.”
Andrew Tinkler, Stobart Group Chief Executive commented: “We are pleased to have concluded this first phase deal with Gramercy Europe. We believe that this development will attract further inward investment at Carlisle Airport, securing and creating jobs in the area by offering cheaper logistics solutions at a location close to the Lake District and the border with Scotland."