A joint venture between Lumina Real Estate Capital and regional business space specialist Citivale has bought the 86-acre Humber Enterprise Park in Yorkshire.
The site, purchased from BAE Systems, includes 1.3m sq ft of office and industrial space, as well as 20 acres of development land.
It sits within the Enterprise Zone and Assisted Area in the region.
BAE Systems has signed new leases on its 555,000 sq ft premises at the site, which equates to a 40% tenancy of the built space. Other tenants include Supercraft, Cablescan and East Riding of Yorkshire council.
Lumina Real Estate Capital and Citivale established LC Industrial in June with an initial investment fund of £50m to build a portfolio of industrial assets.
Citivale managing director James Appleton-Metcalfe said: “This acquisition sits perfectly with our strategy of buying secondary assets and using our combined skills and expertise to reposition them through comprehensive refurbishment and development. We have some exciting and innovative plans for the site which I am absolutely positive will see the business park develop into one of the prime office and industrial locations within the Hull and East Riding region.”
PPH and Harris Lamb acted for BAE Systems; Lumina/Citivale were unrepresented.
