Infrastructure firm tees up £37m offload of major property asset

INFRASTRUCTURE and support services group Stobart has entered into 20-year lease agreement on a 53-acre property on Merseyside currently with the Ford Motor Company which now has an option to buy it for £37m.

The agreement to lease 47 acres of the site at Speke to Ford is based on a new deal starting on July 1 2016 at an initial rent of £2.16m a year.
 
The existing rent is £1.46m per annum.  Ford also required an option to purchase the site.

Stobart said option for Ford to acquire the site for £37m had been granted, expiring on June 30 2016.  The property under option was purchased for £15.6m.

Stobart chief executive Andrew Tinkler said: “We are delighted to have agreed terms with our tenant at Speke.  

“This transaction creates significant value for our shareholders and reinforces Stobart’s strategy of actively managing our assets and maximising the value of our property investments.”