One of Gestamp Tallent’s sites on Aycliffe Business Park is under new ownership following a deal worth £11.5m.
Gestamp, which supplies products to most of the major automotive giants, including Nissan and Honda , employs more than 1,300 people.
Now Plant 5 – 178,617 sq ft of high quality industrial space – has been sold by private equity real estate investor Henley to a private international investor for the multi-million pound sum.
Developed in 2012, Plant 5 also has an integral two-storey office block in the south western corner as well as the huge industrial space.
The unit was purchased by Henley in 2013 and is let to Gestamp for a term of 25 years, expiring in 2039.
Henley agreed the sale at a yield of 6.25%, delivering a deal with an Internal Rate of Return (IRR) of more than 23% for the firm’s investors.
Newcastle-based commercial estate agent Knight Frank acted for Henley in the deal.
Ian Rickwood, chief executive officer of Henley, said: “This sale represents another successful exit achieved for our investors, with Henley’s total all deal total return continuing to stand at more than 80% and an IRR over around 40%, having now successfully carried out 20 disposals.
“The quality of tenant and lease length with fixed increases, has enabled us to achieve a good sale and provide our investors with further lucrative returns – underlining the effectiveness of our proven investment strategy.”
Aycliffe Business Park is the largest business park in the North East, home to more than 300 companies and an estimated 9,500 employees.