Geldards advise Clowes Developments on major investment deal to develop four East Midlands business parks
Leading East Midlands law firm Geldards have successfully advised Clowes Developments on a multi-million pound deal to develop four logistics facilities in the East Midlands, for international real estate firm Hines and its joint venture investment partner.
The investment by Hines will see the development of 772,000 sq. ft of logistics facilities across four business parks in the Clowes portfolio: Dove Valley Park off the A50 at Foston in Derby, Birchwood Business Park at Alfreton, Castlewood at South Normanton and Fairham Business Park at Nottingham.
The development of the 12 new units, the first of which will be ready to occupy by the end of 2022, will be led by Clowes Developments. The new high-quality units will create first class industrial and logistics facilities to meet unprecedented tenant demand, at a time when there is a scarcity of stock coming onto the market.
Led by Derby based development property partner Heather Dixon, who was supported by construction partner, Chris Hawrylak, and corporate and finance partner, Jenny Chatten, the Geldards team advised on all aspects of the transaction.
Commenting on the deal, Heather Dixon said;
“We are thrilled to have advised Clowes on another record-breaking deal, in what has been a phenomenal year for them. This new logistics development will have a very positive impact on business growth in our region. We work closely with the Clowes team who we have come to know very well and are pleased this deal was concluded successfully”.
Clowes Director, James Richards, commented;
“Working with Heather and Chris at Geldards feels like they are part of our own team. We know we can rely on them, and their team, to deliver. We would like to thank them for their exceptional commitment and dedicated teamwork once again”.