3 March 2022
We advised Cain International ('Cain') on its £550 million acquisition of a portfolio of UK logistics assets from privately owned real estate investor and developer, Firethorn Trust.
Cain International is a privately held investment firm operating in the United Kingdom, Europe and the United States. Founded in 2014, the firm invests in real estate debt, equity, and experiential businesses, and currently manages $10.8 billion in assets (as of 31 Dec. 2021).
The Grade A logistics portfolio comprises seven UK sites, totalling 3.25 million sq. ft across 22 assets, including two newly built developments, and five consented land sites that are on course for completion in 2022 and H1 2023.
The acquisition represents Cain’s entry into the UK logistics market. As part of the transaction, Firethorn Trust will develop the remaining sites and act as leasing and asset manager across the portfolio on behalf of Cain International.
Commenting on the transaction, real estate partner Emma Oakley said: "We are thrilled to have supported Cain on this landmark acquisition which signifies its entry into the UK logistics market. We enjoyed working on this significant deal, which enabled us to display the depth of expertise within our team, and we look forward to seeing what Cain does next as it embarks on exciting plans for growth."
Daniel Harris, Senior Managing Director and Head of European Investment for Cain International, added: “This acquisition was a unique off-market opportunity for us to enter the UK logistics market through a portfolio of considerable scale and quality, as well as with a respected long-term partner. We are grateful to the Taylor Wessing team which provided outstanding support every step of the way, making the deal as smooth as possible. Their commercial insight and deep sector expertise were invaluable."
The team was led by partners Michael Goldberg, Keith Barnett and Emma Oakley with support from partners Paul Leamy, Liz Wilson and Matthew Jones, senior counsels Jane Hilton, Hannah Ross, Clare Smith and Emma Tait, senior associates Rhys Bufton, Sarah Franke, Lacy Gratton and Shilpa Vaswani, associates Emma Coates and Tunc Ilgin and trainees Amie Corry and Joshua Dowson.