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Unnamed fund acquires ten North East assets from UK Land Estates for £42m

North East commercial property and investment firm UK Land Estates has confirmed the sale of some of its smaller industrial estates to an unnamed asset management group for a total of £42m.

The deal reportedly presents a win-win deal for both parties, with the new owners able to gain an industrial foothold in the region.

In turn, UK Land Estates says the outcome allows it to continue its investment strategy in established flagship estates at Team Valley, Tyne Tunnel and Teesside.

Knight Frank and Eversheds acted for UK Land Estates in the deal and all existing tenants across the ten sites are reportedly unaffected by the sale.

Keith Taylor, MD at UK Land Estates, commented: “This is the right deal at the right time for us.

“We have ambitious plans for our core estates, there are exciting announcements in the pipeline and we continue to receive promising inquiries from would-be clients.

“This sale will allow us to accelerate the series of refurbishments and speculative builds that we embarked on three years ago. We remain totally committed to the North East and to providing buildings for business in our region.”

The ten sold sites comprise of:

South Nelson industrial estate, Cramlington; Boldon Business Park; West Quay Court, Sunderland; New York industrial estate, North Tyneside; Pennywell industrial estate, Sunderland; Harmire Enterprise Park, Barnard Castle; Viking industrial estate, Newcastle; Tanfield Lea North industrial estate, Stanley; Southwick industrial estate, Sunderland; Whitehouse Road industrial estate, Newcastle.