Travis Perkins closes sale-and-leaseback deal

Travis Perkins has sold a portfolio of seven properties for £23m to funds managed by Longmead Capital in a sale-and-leaseback package. All seven sites have been let back to the building materials distributor on 15-year lease agreements. The seven sites are located across the Southeast and Midlands, in Folkestone, Leicester, Loughborough, Redditch, Sevenoaks, Tunbridge Wells and Worcester. The majority of the sites were purpose-built for the Travis Perkins group within the past seven years. This transaction is part of Travis Perkins’ ongoing strategy to recycle capital from its £1.1bn freehold portfolio to invest in “destination” branches with a range of value-added services, including its Hire services and Benchmarx kitchen offer. Travis Perkins group property director Nick Pinney said: “The sale and leaseback of these high-quality assets allows us to unlock capital to invest in new properties that further enhance our customer proposition. “At Travis Perkins Group we continually review our freehold property portfolio to identify value creation opportunities.” To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews Photo © Travis Perkins Facebook