Severfield-Reeve launches investment division

PROPERTY construction and development specialist Severfield-Reeve Projects has bought two developments for £7.1m throught its newly launched investment division.

The Thirsk-based design and build company has bought the 80,000 sq ft Royal Mail distribution centre in Leeds for £6m.

Severfield-Reeve has also acquired Concept Park, a 25,000 sq ft building in Thirsk that was bought for £1.1m from the RNLI, which previously used the site as its Yorkshire distribution warehouse.

The company has completed more than £100m of design and build projects across the Yorkshire region.

Marc Roberts, who is heading Severfield-Reeve's investment division, said: “Since joining Severfield-Reeve Projects I've been actively exploring ways to access the investment market with an aim to acquire some key investment sites in and around Yorkshire.

“It's really encouraging that we were able to outbid three of the big funds upon entering into the market and successfully secure two such promising deals.”

Managing director Lindsay Ross: “After pursuing various investment development opportunities in the past we were pleased to be able to bring in the expertise of Marc Roberts allowing Severfield-Reeve Projects to have a greater and more focused approach into the investment market.”

Mr Roberts added: “I am confident that these initial deals will be the first of many for Severfield-Reeve Projects allowing me to proactively build on the continued success of the company.

“We have been able to assemble a £15m war chest for future investments and we are currently working with a number of agents to identify lucrative opportunities including two exciting deals that are already in the pipeline.”