David Samuels seals £41m Cheshire deal
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A MANCHESTER property investment company has bought a manufacturing site in Cheshire in a deal worth £41m.
Crewe Assets, part of the privately-owned David Samuel Properties, was backed in the deal by Barclays Real Estate in Manchester and advised by law firm Kuits.
The site, at Radway Green in Alsager, Crewe is occupied by global defence giant BAE Systems’ ammunition-making division, Global Combat Systems Munitions, under a 25-year deal with annual uplifts.
Finance brokers, Manchester-based Seaford Finance and GVA Capital Markets also advised on the transaction.
David Hammelburger, director at David Samuel Properties said: ““The ability for us to attract new bank lending in this very difficult environment really demonstrates our financial standing and track record in the commercial property investment sector.
“It also demonstrates that the banks are very much open for lending to the right businesses.”
Nick Nyunt, commercial property partner at Kuits added: ““This represents a major deal for Crewe Assets Ltd and David Samuel Properties. We have worked with David Samuel Properties for many years on investments, developments and the management of their impressive portfolio.
“Although many property companies have found the marketplace challenging, this acquisition demonstrates that there are still market opportunities for quality assets.”
Carl Lockett, relationship director at Barclays Real Estater led the deal, and said: “David Samuel Properties has been active in the commercial property investment sector for many years and this transaction demonstrates the bank’s continued support for the region’s real estate sector and our ability to deliver on deals of this complexity and quantum.”
Barclays were advised by law firm Pinsent Masons.