Shoosmiths advises Porterbrook on purchase of Long Marston Rail Innovation Centre

Experts from Shoosmiths’ real estate practice have advised Porterbrook on acquiring the freehold of the Long Marston Rail Innovation Centre in Warwickshire.

The law firm supported the rolling stock financier and asset management company on the deal for the 135-acre site, which is home to a 3.5km test track and facilities for testing, training, maintenance and storage for the railway. It follows Shoosmiths advising Porterbrook on the lease of the centre in 2021.

Porterbrook has since invested more than £13m to upgrade facilities throughout the centre. The purchase of the freehold from St Modwen will enable Porterbrook to deliver its future plans for the centre, including further improving its facilities – assisting the development and testing of new technologies, while also helping meet the rail industry’s training and recruitment needs.

Shoosmiths advised on all real estate aspects of the acquisition, including working with a number of third party organisations to agree rights and reservations over the wider estate, as well as to obtain releases from and modifications to a number of title restrictions.

The firm’s deal team was led by real estate partner, Jo McGuinness, with legal director Jess Ready handling the day-to-day conduct of the acquisition. Support was also provided by principal associate Claire Raddan and planning specialist Matthew Price.

Chris McClure, general counsel at Porterbrook, said:

“This is a hugely important transaction for us. It was extremely complex and took a significant amount of work and intellectual effort to get it completed. I am very grateful to Jo McGuinness, Jess Ready and the rest of the Shoosmiths team for everything they have done to get it over the line. We can now move forward with our plans to invest further in the site for the benefit of the industry.”

Jo McGuinness, real estate partner at Shoosmiths, added:

“This is a significant, strategic transaction for Porterbrook. We are pleased to have acted for the firm on the deal - strengthening our relationship and helping realise its long-term strategy for the centre. Shoosmiths' ability to assemble a multidisciplinary team was key to navigating the highly complex transaction, with input from the firm’s planning and real estate experts.

“Having supported the lease uptake in 2021, it has been great to witness the improvements Porterbrook has already made at the centre and we look forward to its further development as it delivers a state-of-the-art facility for railway testing, training, maintenance and storage.”