Knight Frank Investment Management has bought toilet roll supplier Accrol Papers’ 350,000 sq ft industrial portfolio in a sale-and-leaseback deal on behalf of Lancashire County Pension Fund.
The four Blackburn properties, previously owned by private family clients of B8 Real Estate, comprises the AIM-listed company’s headquarters as well as its manufacturing and distribution centres.
The company, which supplies the UK’s major supermarkets, has been headquartered at the 18-acre site since 2004.
Piers Windsor, senior investment manager at KFIM, said the properties were placed under offer during the UK’s lockdown.
He said: “The investment meets all of the criteria of our strategy of targeting well let, good quality industrial stock in the County of Lancashire.
“The investment generates a strong income return from day one, while providing a number of potential asset management initiatives in the medium to long term.”
Windsor added that KFIM intends to deploy a further £50m in similar investments.
John Burrows of B8 Real Estate said that the sale demonstrates “continued demand from investors for significant industrial assets within the North West”.
Knight Frank’s Manchester office advised KFIM.
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