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.
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