HENRY BOOT AND BARNFIELD GROUP COMPLETE £30M SALE
Source: RNS
24 January 2023
HENRY BOOT PLC
('Henry Boot' or 'the Group')
HENRY BOOT AND BARNFIELD GROUP COMPLETES £30M SALE OF PRESTON
LOGISTICS SCHEME
Henry Boot PLC announces that its property investment and development business, HBD, alongside Barnfield Group, completed the sale of EAST, a 223,000 sq ft logistics scheme in Preston. Sold to Titan Investors at the end of 2022 in a circa £30m transaction, the sale price represents a 10% premium to the last reported book value.
Holding a prime location along the M6's key distribution corridor on the outskirts of the Lancashire city of Preston, the 18-acre site includes three fully let buildings alongside a final development plot with consent for a 30,000 sq ft warehouse that will be delivered directly by Titan.
This disposal follows recent pre-lets at EAST with DHL and DPD, taking 63,000 sq ft and 59,000 sq ft respectively, with an overall scheme WAULT of 16 years. The first phase of the scheme was delivered in December 2021.
Tim Roberts, CEO of Henry Boot PLC, commented: "EAST is yet another hugely successful industrial and logistics scheme delivered by the Group - it has drawn strong interest from potential occupiers since development began on site, demonstrating the continued demand for high-quality Grade A industrial and logistics space in key locations. Having secured deals with both DPD and DHL, and on the back of a very successful first phase, EAST represented an excellent investment prospect for Titan Investors."
Tracy Clavell-Bate, Head of Development and Acquisitions at Barnfield Group, said: "We knew when the 18-acre site came to the market that it would be in great demand. It has been a very rewarding project to work on from concept master planning, construction, lettings and completing the sale and all within 3 years."
Enquiries:
FTI Consulting
Giles Barrie, Ellie Sweeney
Henry Boot PLC
Tim Roberts, Chief Executive Officer
Darren Littlewood, Chief Financial Officer
Daniel Boot, Group Communications Manager
Tel: 0114 255 5444
www.henryboot.co.uk
Numis Securities Limited
Joint Corporate Broker
Ben Stoop
Tel: 020 7260 1000
Peel Hunt LLP
Joint Corporate Broker
Charles Batten/Harry Nicholas
Tel: 020 7418 8900
About Henry Boot PLC
Henry Boot PLC (BOOT.L) was established over 135 years ago and is one of the UK's leading and long-standing property investment and development, land promotion and construction companies. Based in Sheffield, the Group is comprised of the following three segments:
Land Promotion:
Hallam Land Management Limited
Property Investment and Development:
Henry Boot Developments Limited (HBD), Stonebridge Homes Limited
Construction:
Henry Boot Construction Limited, Banner Plant Limited, Road Link (A69) Limited
The Group possesses a high-quality strategic land portfolio, a proven reputation in the property development market for creating places with purpose, backed by a substantial investment property portfolio and an expanding, jointly owned, housebuilding business. It has a construction specialism in both the public and private sectors, a plant hire business, and generates strong cash flows from its PFI contract, Road Link (A69) Limited.
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