Hortons has further expanded its industrial holdings with the acquisition of two units totalling 76,699 sq ft at Three Spires Industrial Estate in Coventry.
Located on Ibstock Road, near Junction 3 of the M6, both units are let on new 10-year leases to Staircraft Group Limited, the UK’s leading manufacturer of timber staircases and flooring systems for the housebuilding industry.
The acquisition was completed from Summit Timber Propco Limited, the parent company of the tenant, for an undisclosed fee, and further grows Hortons’ industrial portfolio, which exceeds 5.5 million sq ft.
It follows Hortons’ recent off-market acquisition of a 157,458 sq ft industrial/warehouse unit in Skelmersdale, let to Hotter Shoes Limited on a long-term lease.
Steve Tommy, head of property at Hortons, said: “This acquisition reflects our continued focus on high quality industrial assets. The completion of new leases underline Staircraft’s commitment to the estate, and its established position in the housebuilding supply chain supports the long-term strength of the investment.”
Ben Blackwall of Atlas Real Estate acted for Hortons, while Guy Hands of Cartwright Hands represented the vendor.