DLA Piper has acted for a consortium of South Korean institutional investors in their purchase of a long leasehold interest in Tesco’s distribution centre at Avonmouth for £71.4 million from NFU Mutual Insurance Society. Other advisers on the buy side included Carey Olsen, Samil PwC, Roebuck Asset Management and SEA Capital.

The team at DLA Piper was led by Real Estate partner Rob O'Hanrahan and Real Estate Finance partner Laurence Rogers, with Tax partner Neville Wright and International Transfer Pricing Co-head Joel Cooper also advising.

This is the second deal involving UK property on which DLA Piper has advised South Korean institutional investors. The first transaction which closed in May 2017, involving the same team and led by Corporate partner Rob Salter, was the acquisition of a Jersey Property Unit Trust owning the freehold interest in Accolade Park, Bristol for £62 million.

Rob O'Hanrahan said: "Our team is delighted to have again supported South Korean investors acquiring UK property interests. This is a clear and encouraging indication of the continued interest from international investors in the UK property market, particularly the competitive logistics sector. We pride ourselves on building strong professional relationships with our clients, drawing on our expert teams across our practice groups and sectors to provide full-service support to those we work with."