Travis Perkins, the UK’s largest distributor of building materials, said it had sold a portfolio of seven properties for £23 mln (€26 mln) as part of a sale and leaseback package.
All seven sites have been let back to publicly-listed Travis Perkins on 15-year lease agreements.
The purchaser is Longmead Capital, an investment group co-founded by James Brackenbury and Shilen Patel, previously of Nelson Bakewell and LaSalle Investment Management respectively.
The seven sites are located in locations across the Southeast and Midlands including Folkestone, Leicester, Loughborough, Redditch, Sevenoaks, Tunbridge Wells and Worcester. They are mainly purpose built in the last seven years.
Nick Pinney, group property director 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.
The company’s entire portfolio is valued at around £1.1 bn with the market value of the estate having grown by almost £600 mln since 2010.
