Business park in Northampton changes hands

February 13, 2018 by  

St James Mill Business Park within Northampton has been sold as part of a portfolio.

The business park was the property of the investor Hansteen. A subsidiary of Warehouse REIT has purchased the Northampton-based park and other regional assets. Letterheads from Northampton can be used by start-ups.

Neil Kirton, a non-executive chair at Warehouse REIT, has explained the decision to buy the properties:

“This acquisition provides us with a meaningful portfolio of good-quality and well-located assets that are perfectly aligned with Warehouse REIT’s investment strategy. The portfolio is well known to management who have tracked it for some time and we are pleased to now be in a position to take ownership of it.”

Hansteen was not in possession of the portfolio for a long period of time. Morgan Jones and Ian Watson, the chief executives of the organisation, have outlined how efforts were being made to boost income from the assets. These moves were in part based on improving the overall level of property occupancy.

Hansteen was reportedly making progress with its approach when the offer from Warehouse REIT was made. The deal went through because Hansteen was satisfied at the return on its investment.

According to its chief executives, Hansteen is reducing its debt burden. However, the intention is that new asset purchases may go forward in the future. It is also possible that shareholders will receive payments as a result of the strategy.