Mishcon de Reya's Real Estate Finance team has advised PGIM Real Estate on the provision of a £79 million senior loan for the financing of Valor Real Estate Partners ("Valor") and QuadReal Property Group's £130 million acquisition of a Tesco-let regional distribution centre in Purfleet, Essex.
The 630,000 sq ft distribution centre plays a key role in Tesco’s supply chain, serving approximately 550 stores across London and the South East. Its location offers excellent connectivity to the M25, A13, and major ports at Tilbury and London Gateway.
This marks the fifth collaboration between PGIM Real Estate and Valor, as demand for UK prime location last-mile logistics continues to grow.
Real Estate Partner Daniel Lipman commented: “It was a pleasure to work with the PGIM, Valor and Simmons & Simmons teams again on this transaction highlighting the continued strength of the UK logistics sector, which remains a priority asset class for our long-established client PGIM Real Estate. As e-commerce and high demand continue to reshape the sector, assets such as this Tesco distribution centre are increasingly important in maintaining and strengthening the supply chain and the growth of industry".
The Mishcon de Reya team was led by Real Estate Finance Partner Nick Strutt, with support from Managing Associate Roya Zohrabi. Commercial Real Estate advice was provided by Partner Daniel Lipman and Managing Associate Julia Dowdall.
With over 130 fee earners including 46 partners, Mishcon de Reya's Real Estate department is one of London’s largest and most diverse property teams. Our Real Estate department comprises well-regarded specialist practice areas and provides a one stop shop for all of our clients' property requirements. The team provides a seamless service from investment, structuring, funding, acquisition and planning, through to construction, development, tax and litigation advice.
Our specialist team of real estate finance lawyers advise on how to structure financing to provide maximum security for you as the lender or maximum certainty as the borrower. We work with major banks and other leading property lenders on senior and mezzanine basis, as well as advising some of the industry’s highest-profile property investment and development borrowers.