Black Country business park sold as intu looks to ‘fix the balance sheet’
A London-based investment fund has met intu’s £15.5m asking price for Waterfront Business Park in Brierley Hill.
The deal is part of intu’s strategy to “fix the balance sheet” through the sale of assets in the UK and Spain.
The retail giant, which owns Merry Hill shopping centre, is carrying a £4.7bn debt and is being affected by the failures of retailers and leisure operators.
Matthew Roberts, intu chief executive, said: “We said at our interim results in July that part of our strategy is to fix the balance sheet. One way that we are doing this is through disposal and part-disposal of assets in the UK and Spain.
“In line with this, we have now completed the sale of the Waterfront Business Park to Bridges for its asking price of £15.5 million.”
Bridges Fund Management has bought the 12-acre business park, which has 228,000 sq ft of office and industrial space across nine buildings. Its long-standing tenants include Higgs & Sons, HMRC, West Midlands Ambulance Service and Dudley College of Technology.
Nigel Tripp, director of property agents KWB, which advised Bridges, said: “They are very focused on the wider benefits of their investments, and always look for real estate opportunities where they can help reduce carbon emissions, revitalise business space and regenerate communities.
“Obviously, it’s very early to say precisely what will happen to the park, but knowing their track record, I’d expect them to invest significant sums in the latest energy-efficient technology, because they’re always keen for their investments to be sustainable.”
