We are pleased to announce our latest deal with Bartoline Limited which marks the expansion of our Yorkshire portfolio.
Following the purchase of Victoria Retail Park from NewRiver REIT Plc for £7.6M last year, Newcastle headquartered Adderstone Group has added to its Yorkshire portfolio by way of a £5.2M sale and leaseback deal with Bartoline Limited.
The properties, comprising manufacturing and storage units totalling over 80,000 sq. ft, have been occupied by Bartoline Limited since 1968 and are located in the heart of the established Swinemoor Lane Industrial Estate, less than a mile east of the historic town centre and 20 minutes from the Port of Hull.
Bartoline is Europe’s leading manufacturer of decorating sundries for the home improvement and trade industry. First established in 1876, Bartoline produces both its own brand and store brand products for the retail, trade and DIY sector.
Adderstone Group has long been known as one of the most active residential and commercial developers in the North East, with more than 3,686 people now living in homes and 145 business tenants working in offices developed by the Group. In recent years, it has also established a London Office and focussed on building a nationwide investment portfolio.
Ian Baggett, Founder CEO at Adderstone Group, said:
“This deal appealed on a number of levels – sector, deal size and location. Given that we self-manage, it makes sense for us to acquire in clusters. We also like to partner long-term with tenants and so were grateful for the opportunity to negotiate leaseback terms with this long-established business.
We are targeting value-add industrial, retail warehouse and office investments throughout the UK. Having made acquisitions totalling around £50M in the last 18 months, we are aiming to match this in the next 18 months.”
Read more about the deal in React News here.