Henry Boot targets £150m portfolio with acquisitions
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Henry Boot has made two acquisitions as it looks to increase its investment portfolio towards the target of £150m.
HBD the Sheffield-based group’s property development business has acquired Allied Business Centre,a 150,000 sq ft warehouse and office scheme located on the front of Lancashire’s West Pimbo Industrial Estate in a multimillion-pound deal.
The deal is the latest in a series of acquisitions, including a key site in Manchester’s St Johns district and the purchase of 60,000 sq ft across two buildings in Mabgate, Leeds, and follows the sale of a newly developed supermarket in Huyton, south Liverpool, in January, with the proceeds reinvested.
The scheme benefits from a strategic location adjacent to junction five of the M58 and has been occupied by logistics firm Messenger Express Warehousing for more than 15 years.
Hamer Boot, executive director at HBD, said: “The industrial market has always been a core focus for our business and is a major component of our investment portfolio – Allied Business Centre is a good fit. It is well located with occupiers in place, produces a good level of income and will, no doubt, offer excellent redevelopment potential in the future.”
Lancashire is one of the top rent growth performers in the North West and benefits from excellent connectivity to the rest of the UK.
HBD has also secured a prominent 2.6-acre city centre site in Birmingham’s popular Jewellery Quarter with a view to delivering a circa £100m GDV residential-led mixed use scheme. Previously occupied by a Sytner BMW dealership the site was acquired with vacant possession from the joint vendors, King Edward ‘s School and Sytner Group.
Ed Hutchinson, managing director of HBD, said: “These two deals are the latest in a series of acquisitions by HBD, which include a key site in Manchester’s St Johns district and the purchase of 60,000 sq. ft. in Mabgate, Leeds. All of these latest acquisitions have significant future redevelopment potential and are an excellent strategic fit for our business.”