Womble Bond Dickinson (WBD) has advised the managing shareholders of North East industrial estates owner UK Land Estates on the majority investment of one of the world’s largest property investors, GIC.

Singapore’s sovereign wealth fund completed the £425million purchase last week and in doing so will take a majority stake in the commercial property owner and developer, which counts Team Valley as its flagship estate.

A team from the company’s corporate finance department in Newcastle, led by Simon Watts and David Ridley, worked with the UK Land Estates management team on the deal, which sees US investor Northwood leave the specialist commercial real estate.

Simon Watts said: “We are delighted to have advised our long-standing client, UK Land Estates, on this exciting development for the business, which will support the growth of the business in the North East. The deal represents a significant vote of confidence in ownership in the region. market and it was a pleasure to work with the UK Land Estates team to make it happen.”

GIC’s acquisition of UK Land Estates follows other recent investments in the UK and Europe and UK Land Estates itself has continued to invest in recent months, most recently with work underway on a project £4.5million industrial at Tyne Tunnel Trading Estate which will provide space for a range of occupants.

Keith Taylor, Managing Director of UK Land Estates, thanked the WBD team for all “their hard work and commitment to this project”.