Stobart sells chunk of land to car giant for £37m

CUMBRIA-based infrastructure group Stobart, has sold a 47-acre site at Speke in Liverpool for £37m to the Ford Motor Company.

Stobart had intended to hold on to all 53-acres of the site as investment property, but tenant Ford exercised its option to buy a chunk of the land.
 
The deal will be completed on Tuesday (May31).

The part of the site that Ford are acquiring which cost £15.6m, is held on the Stobart’s balance sheet at £25.2m and generated an annual rental profit of £0.7m.
 
Stobart pointed out the sale will result in a significant profit of approximately £11.8m for the group in the current financial year.

Chief executive Andrew Tinkler said: “We are very pleased to have realised further value and generated significant profits from our investment property portfolio with a transaction that demonstrates the hidden value within our infrastructure and investment divisions.”

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