Moore Kingston Smith advises PLP on the sale of five prime logistic assets to KKR-Mirastar

Moore Kingston Smith is delighted to have advised PLP, the premier investor in UK logistics real estate, on the sale of five assets to KKR and Mirastar, KKR Real Estate’s European industrial and logistics platform. The tax team provided tax advisory services to PLP in connection with the sale of the assets to support on the successful sale of the asset portfolio. The asset portfolio consists of five strategically positioned logistics centres across Yorkshire and the Northwest of England comprising a total asset space of 890,364 square feet.

The Moore Kingston Smith team was led by Thomas Acland (M&A Tax Director) and Ruth Brennan (Corporate Tax Partner), supported by Vicky Richmond (Tax Manager), and provided comprehensive tax support and advice to the PLP team throughout the sale process.

James Deane, CFO at PLP, said: “The disposal of these five assets from our largest UK logistics portfolio was the first we have made and allowed us crystallise attractive risk-adjusted returns for our capital partners. We are grateful for the support MKS has provided to PLP both on this complex transaction and throughout the development and investment cycle for these prime logistics assets.”

Thomas Acland, M&A Tax Director at Moore Kingston Smith, commented: “It was a pleasure to assist with this transaction and support the PLP team with the sale of these five assets from PLP’s leading UK logistics portfolio. Having worked with PLP for some years on the acquisition, development and operation of the asset portfolio across its flagship fund, we worked with PLP throughout the investment process and are delighted to have been able to assist in the final sale of these market-leading logistics centres.”

Moore Kingston Smith has completed over 50 M&A transactions in the past four years and has a leading real estate tax team. The M&A tax team works with both buyers and sellers and provides comprehensive tax transaction support, diligence and advisory services. Additionally, the real estate tax team advises potential investors, developers and other market participants on all aspects of real estate tax.