Acquisition of 350,000 sq ft property portfolio completed in £25m deal
Knight Frank Investment Management (KFIM) has completed the acquisition of the 350,000 sq ft Accrol Papers Industrial portfolio from private family clients of B8 Real Estate
KFIM completed the deal on behalf of Lancashire County Pension Fund (LCPF).
The four separate properties make up the manufacturing, distribution and headquarters of Blackburn-based AIM-listed Accrol Papers.
The properties were purchased off-market at a price of £25m.
Situated on Roman Road Industrial Estate, Blackburn, and with excellent access to junction five of the M65, the units provide modern, high-quality manufacturing and logistics accommodation across an 18 acre site.
All four assets are let to Accrol Papers, a manufacturer of private label toilet tissue, supplying major UK supermarkets.
The site forms the company’s headquarters, which it has occupied since 2004, and it continues to invest heavily in its Blackburn operation.
Piers Windsor, senior investment manager at KFIM, said: “We are happy to have completed on this acquisition on behalf of LCPF, which was put under offer during the UK’s nationwide lockdown.
“The investment meets all of the criteria of our strategy of targeting well let, good quality industrial stock in the County of Lancashire.
“The investment generates a strong income return from day one, while providing a number of potential asset management initiatives in the medium to long term. We continue to look for similar opportunities with another c. £50m remaining to invest.”
John Burrows, of B8 Real Estate, said: “The sale demonstrates continued demand from investors for significant industrial assets within the North West and we are delighted to have advised on the successful sale to KFIM.
“The assets have performed well for my client over their many years of ownership and we are sure that KFIM will continue to work closely with Accrol Papers, as they continue to invest further in their operation within the county.”
The family fund was represented by B8 Real Estate and David Hill of Napthens Solicitors. KFIM was represented by the Manchester office of Knight Frank and Miles Sinclair of DWF.
