Recapitalization of three UK logistics warehouses

Brookfield, through its real estate solutions strategy, alongside Copley Point Capital (“Copley Point”), a specialist manager and operator of UK industrial real estate, today announced the recapitalization of three big-box distribution warehouses from Tritax Big Box REIT (“Tritax”). Terms of the transaction were not disclosed.

The 1.4 million square foot portfolio consists of three Grade A assets in prime locations across the East Midlands and North West markets with strong transport links and undersupply of high-quality stock. The three assets in Skelmersdale, Knowsley and Worksop are fully leased and well-positioned to benefit from long-term fundamentals. Tritax will retain a small minority interest and Copley Point, who are investing alongside Brookfield, will manage the portfolio.

Guillaume Savoie-Coulonval, Managing Director at Copley Point said:

“We are delighted to expand our partnership with Brookfield. With the completion of this transaction, we are acquiring a portfolio of Grade A properties in strong locations with attractive asset management opportunities. We are excited to start working on those opportunities with the Brookfield team. We’re also happy to conclude another transaction with Tritax, which allows it to recycle capital in line with its business plan.”

Alexis Prevot, Managing Director at Brookfield Real Estate Solutions said:

This recapitalization marks the fourth investment through Brookfield’s real estate solutions strategy in Europe in the last 12 months and we continue to see a range of interesting opportunities.

“We are excited to continue our partnership with the team at Copley Point and build our relationship with Tritax. We look forward to working together to bring our combined logistics expertise to add value to these assets, including the implementation of operational improvements.”