DLA Piper advises TPG Real Estate on c.GBP700m industrial joint venture

DLA Piper has advised TPG Real Estate on the formation of a strategic c.GBP700m multi-let industrial joint venture with M&G Real Estate.

The joint venture has resulted in TPG acquiring a 50% equity stake in the Active Growth Logistics Partnership (AGLP) from M&G, which has retained the other 50%. AGLP is the UK's fourth largest multi-let industrial portfolio, accounting for 6m sq ft of space occupied by 630 businesses.

AGLP was created in 2013, with a portfolio of 40 estates aimed at tapping the small unit industrial and last-mile logistics sector, to capitalise on the rapid growth of online retailing. The portfolio was expanded in 2022, when M&G bought nine multi-let industrial assets across the UK from Patrizia for GBP165m.

The 25 member DLA Piper team advising TPG was led by Real Estate partners Andrew Walker and Lorraine Reader.