Stobart shareholders back £100m property deal
SHAREHOLDERS of Warrington-based logistics giant Stobart have agreed a deal to buy a portfolio of properties from its chief executive Andrew Tinkler and chief operating officer William Stobart.
The company is paying £12.35m for a portfolio of 18 properties owned by WADI Properties – the bulk of which are in the South East. It will also assume £90m of debt, giving WADI Properties an enterprise value of £101.2m.
The board has also been granted the authority to buy back up to 10% of the company’s shares, where appropriate.
The properties, which are known as the Moneypenny portfolio, contains commercial, retail residential and industrial units.
Neither Mr Tinkler, Mr Stobart or finance director Ben Whawell – all of whom had an involvement with WADI Properties – played a part in the firm’s decision to buy the properties, which were valued by Knight Frank at £98.93m on November 30, 2011.
At the time the deal was announced, Stobart’s non-executive chairman Rodney Baker-Bates said the purchase would “both diversify and strengthen our existing property portfolio”.
