New player snaps up four industrial sites in deal estimated at £40m

Newton-le-Willows-based specialist developer and investor Network Space has sold four property assets, including two in Liverpool, in a deal understood to be worth an overall £40m.

They comprise more than 400,000 sq ft of prime industrial and logistics real estate across the North of England and have been sold to 4th Industrial (4i), a new venture backed by TPG Real Estate Partners.

Included in the deal are Brookfield Business Park in Aintree, Liverpool, which has consent for 72,000 sq ft across 11 units, the last remaining frontage plot on Estuary Commerce Park, facing Speke Boulevard, which offers 104,000 sq ft across 11 units, mid-box industrial schemes at Tunstall Arrow South in Stoke-on-Trent – an award winning, fully let 126,000 sq ft scheme on a 28-acre former colliery site completed in 2018 – and the newly completed 110,000 sq ft Ashroyd Business Park in Barnsley, South Yorkshire.

NSM Property and Asset Management will be retained to manage all sites.

Richard Ainscough, of Network Space, said: “This deal marks the beginning of a new and exciting relationship with 4th Industrial and TPG Real Estate.

“Partnerships with respected investors are a core part of our business and we look forward to working with 4th Industrial on this and more.

“Our investors’ credibility is matched by our own, we specialise in industrial property across the North of England, providing a unique high quality solution for development, management and origination.”

Derek Heathwood, managing director of 4i, said: “We are excited to acquire these four high quality sites. Our strategy focuses on buying quality multi-let light-industrial properties in key UK submarkets. This transaction provides a strong foundation on which to build a platform of scale, placing 4i firmly on the map.”

Michiel Celis, managing director at TPG Real Estate, said: “This transaction is a first step in what we hope will be a very productive cooperation between 4th Industrial and Network Space.”

Simon Wood, director at B8 Real Estate, industrial agents for Network Space, said: “We are not only seeing huge investment demand but continued strong occupational demand across the North of England with a really worrying lack of supply of quality schemes such as this coming through.”