Independent UK law firm Burges Salmon has advised LGPS Central on its acquisition of Goodmayes Retail Park in Chadwell Heath, London. This is the third acquisition completed by Burges Salmon’s Built Environment sector group since the launch of LGPS Central’s UK Direct Property Fund four months ago, which saw the fund acquire its first properties, two industrial estates in North and West London.
With a target to invest up to £500m across the UK in a balanced portfolio, the UK Direct Property Fund places responsible investment at the core of its investment strategy, ensuring that ESG principles are fully integrated into the acquisition process and during ongoing asset management. The acquisition of Goodmayes Retail Park is located in an area that is expected to see significant regeneration and growth with new investment in homes, jobs and social infrastructure owing to its close proximity to the new Crossrail stations at Goodmayes and Chadwell Heath.
The Burges Salmon team advising LGPS Central was led by director Will Hall, senior associate Simon Dempster and partner Richard Clark. Will comments: “It has been a pleasure working once again with LGPS Central as it continues to grow its UK Direct Property Fund to boost responsible investment, standing to directly benefit the environment and local communities.”
Mike Hardwick, Investment Director at LGPS Central adds: “While the availability of investment opportunities remains constrained, we are pleased to have secured a further investment for the Fund. The initial investments have all been in greater London, which is a property market that in general has strong fundamentals, with Goodmayes in particular benefitting from its close proximity to new Crossrail infrastructure. We expect to continue deploying capital into strong assets over the coming months, across the UK. Once more, we extend our thanks to the Burges Salmon team who in the space of only four months have helped grow our portfolio with three consecutive acquisitions.”
Burges Salmon has a well-established Built Environment practice and is nationally recognised for providing strategic and practical legal advice on developing, investing in and occupying all forms of UK property. The firm advises corporates, private clients, public sector bodies and conservation organisations operating in many of the UK’s industry sectors including real estate, energy, banking, transport and food and farming.