Total Developments has agreed a £12m forward funding agreement for a major industrial unit at Total Park in Leeds.
The Shoosmiths UK real estate team advised Total Developments on the agreement, which covers the forward sale of a brand new development of a 57,000 sq ft unit in Total Park. It is expected the project will be completed in August 2020, with a lease agreement already in place for major logistics company DHL.
It marks the third recent project that Shoosmiths has advised Total Developments on, including the sale of two industrial units in Greater Manchester and Wigan and the £8.75 million purchase of a commercial development site in Bedford.
The team was advised by real estate partners Dan Monaghan and Andrew Pattinson, as well as associate Emma Cowell, and construction associate Adam Stead.
Andrew Pattinson said: “This is another fantastic project for Total Developments and will represent a major new logistics hub for Leeds and wider afield.”
Total Developments CEO Ed Chantler said: “The team at Shoosmiths has been extremely committed in helping us get this deal over the line, especially with such tight deadlines. We’d like to thank them for their continued support and look forward to working with them again.”