Property development and regeneration group Harworth has acquired an industrial estate in the Black Country in a sale and leaseback deal.
Thorns Road Industrial Estate near Dudley has been bought for £10.1 million from Xandor Automotive Brierley Hill.
The 20.5-acre estate has three fully let industrial units totalling around 360,000 sq ft and will generate a passing rent of £1.1 million per year.
Following the deal, Xandor Automotive has entered into a new 15-year lease for the 240,000 sq ft of factory space it currently occupies and has also agreed a short-term lease for an additional 15,000 sq ft unit.
Xandor Automotive employs 230 people and supplies plastic injection moulded components for premium light vehicles and counts names such as Jaguar Land Rover and Ford among its clients.
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Rotherham-based Howarth said the transaction was in line with its strategy of growing its income through the acquisition of high-yielding properties with further asset management potential.
The remaining space is let to Sunrise Medical, which designs, manufactures and distributes mobility products, on a lease expiring in July 2022.
Chief Executive of Harworth Owen Michaelson said: “Our strong financial position means we are well placed to complete high-yielding income deals like this which further improve the income generation and resilience of our portfolio while also providing clear asset management opportunities to generate future value gains.
“This acquisition also supports our ongoing investment in the real estate that supports manufacturing in the West Midlands, underlining our firm commitment to building and strengthening the communities we work in.”