Huge County Durham industrial facility acquired in ‘complex’ three-way deal

Packaging distributor Magnum Packaging has snapped up a 280,000 sq ft industrial facility in Billingham, County Durham.

The three-way deal saw Magnum acquire the freehold interest in a 11.17-acre site on Cowpen Lane Industrial Estate from real estate investment management firm Vengrove.

The property, comprising two large industrial units, was previously occupied by Sims Recycling Solutions.

Property consultancy Cushman & Wakefield acted for Sims, negotiating a surrender of its lease alongside a back-to-back sale of the freehold to Magnum.

Richard Scott, partner in Cushman & Wakefield’s Newcastle-based logistics and industrial team, said: “We are delighted to have completed the disposal of this building to Magnum Packaging.

“This was a complex deal involving three parties which was successfully completed within five weeks and has allowed Sims to significantly reduce their costs and relocate to more suitable premises.”