We have acted for global charitable foundation the Wellcome Trust in the largest and most complex acquisition of an agricultural portfolio. The acquisition of the agricultural business arm of the Co-operative Group for £249 million includes nearly 40,000 acres of land, making it the largest open market sale of agricultural land in the UK.

The purchase involved the Co-operative’s existing farming operations, including 15,997 hectares (39,533 acres) of freehold and third party owned land, 15 farms including three pack houses, more than 100 residential properties, 27 commercial properties and 255 employees.

Michael Aubrey, head of agriculture, led the 40-strong team on the acquisition, said:

“This was a large and fast moving deal requiring both agricultural law expertise and experience of advising on high profile, complex corporate acquisitions - a combination which few law firms can boast.

Many of our specialist agricultural lawyers were involved, together with lawyers from our tax, real estate, corporate and commercial, IP/IT, environmental, employment and pensions teams, working together to ensure the Wellcome Trust achieved the outcome it wanted within the desired time frame.

This was a once in a lifetime opportunity for the Wellcome Trust to acquire an agricultural portfolio of this scale. The Wellcome Trust has a strong track record as a long term investor that values responsible stewardship over quick profits, with extensive and successful interests in UK property and farmland. It is ideally placed to develop and grow the Co-operative Group’s farms and businesses while providing continuity. We are delighted to have acted for the Wellcome Trust in one of the largest global deals of its kind.”