The development and investment firm has acquired a 71,225 sq ft industrial unit at Winsford Industrial Estate for £3.58m.
Pitalia Real Estate bought the unit from Renray on a sale and leaseback agreement. Health care furniture manufacturer Renray will occupy the warehouse on a 10-year lease.
The lease will generate £305,000 sq ft a year and contains a break after five years.
The acquisition is Pitalia’s second at Winsford Industrial Estate. Last year, the company completed the £8m acquisition of units 1-3 on Road Five within the complex.
Greg Ball, investment and development director at Pitalia Real Estate, said:
Winsford is a key strategic location in our portfolio so we moved quickly to secure this opportunity to expand our footprint here. We now have well over 250,000 sq ft on the site.
Matt Pochin at Legat Owen represented Pitalia Real Estate.
Fisher German was the selling agent.
Rupert Collis, partner at Fisher German, said:
The site at Winsford Industrial Estate has been a key production facility for our client in recent years, which has shown consistent profitability and this transaction allows further investment into the business to facilitate continued growth.
Fisher German was able to generate a lot of interest from investors, delivering a sale at a competitive price and with favourable leaseback terms, in what has proved to be a reasonably volatile market.
