Leading law firm Shoosmiths has advised Henkel UK Operations on an £8.5m sale of three industrial units, located at Winsford Industrial Estate in Cheshire.
The deal sees Henkel UK Operations, which owns brands including Loctite, UniBond and Sellotape, sell the properties to Pitalia Real Estate.
Pitalia is partnering with Harlex Property to refurbish and reposition two units that are currently vacant. Shoosmiths advised Henkel UK Operations on a leaseback of the third unit for a five-year term, with the firm retaining its workforce on the plot.
Winsford Industrial Estate is also home to one of Henkel UK’s main distribution centres.
Sutinder Bhandal, president of Henkel UK and Ireland, said:
“I was impressed with the commerciality, tenacity and patience required to move this complicated matter to completion. As a key legal partner for Henkel UK Operations, Shoosmiths’ support is helping us to drive forward our business strategy.”
The Shoosmiths team was led by real estate partner, Alan Corcoran, assisted by principal associate Liz McKillop Paley and senior associate Georgina Massey.
Advice was also provided by tax partner, Daniel Kennedy, and Richard Willcox, principal associate in Shoosmiths’ litigation team.
Alan Corcoran, real estate partner at Shoosmiths, said:
“This strategic sale and leaseback will provide Henkel UK Operations with increased flexibility, while ensuring its evolving business requirements are met.
"The deal demonstrates the level of adaptability and commerciality Shoosmiths’ real estate division can bring – bolstered by the support of other experts from across the firm.”
Henkel UK Operations is part of Henkel, which operates worldwide with brands and technologies in three business areas: adhesive technologies, beauty care, and laundry and home care. The DAX-40 company has its headquarters in Düsseldorf, Germany.