Travis Perkins offloads £40m of sheds in sale and leaseback deals
Builders merchant Travis Perkins has sold 20 newly developed trade parks and retail warehouses for £40.4m in a series of sale and leaseback deals.
The London-listed firm said it had sold the units across greater London, Gloucester and the Midlands, and that it would reinvest the proceeds into more property purchases.
The assets total more than 175,000 sq ft of retail and industrial space and are let to tenants including Wickes, Halfords and Greggs.
Builders merchant Travis Perkins has sold 20 newly developed trade parks and retail warehouses for £40.4m in a series of sale and leaseback deals.
The London-listed firm said it had sold the units across greater London, Gloucester and the Midlands, and that it would reinvest the proceeds into more property purchases.
The assets total more than 175,000 sq ft of retail and industrial space and are let to tenants including Wickes, Halfords and Greggs.
Nick Pinney, property director at Travis Perkins, said: “These assets were strategically acquired and developed by Travis Perkins to provide high-quality units in prominent trade locations to suit the businesses within the group.
“It was a great result to sell the properties in line with the original business plan, enabling us to recycle the capital into new acquisitions.”
JLL advised Travis Perkins on the sales, which come after the FTSE 250 firm bought its existing depot in Battersea as part of a plan to pursue higher density urban redevelopment over the coming years.
Adam Creighton, associate in capital markets at JLL added: “This this disposal programme has proved to be a great result, especially amidst the wider challenges and uncertainty the market is facing as a result of the pandemic.
“The transactions demonstrate the strength and depth of investor interest in the trade and DIY sectors that have proved to be very resilient.”
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