Property company Hortons has outlined plans to continue growth across its industrial and logistics portfolio, following a successful sale of two prominent Birmingham city centre office and retail assets.
Hortons has completed the disposal of White House and 5–9 Lower Temple Street to Sheet Anchor Evolve, part of M Core, for an undisclosed sum.
Both properties have been owned by the Hortons family for generations and their sale reflects the company’s ongoing strategy to broaden its geographical footprint and further diversify the portfolio.
White House is a 24,561 sq ft, seven-storey period building prominently located on the corner of New Street and Temple Street. It comprises four ground floor retail units, anchored by Tim Hortons, with six floors of office accommodation above. 5–9 Lower Temple Street provides three retail units, anchored by Archie’s, together with 7,317 sq ft of office space arranged over four floors.
The disposals follow Hortons’ recent acquisition of a 12.8-acre research, development and manufacturing facility in Leamington Spa, which is wholly let to Ricardo Limited. This acquisition expanded Hortons’ investment and development portfolio to more than 5.5 million sq ft, with around 60% now comprising industrial and logistics assets at key strategic locations across the East and West Midlands.
Harry Young of Hortons, said: “We are pleased to have completed the deal with Sheet Anchor. White House and 5–9 Lower Temple Street have been successful parts of our portfolio for many years but their disposal supports our pivot away from high street retail and secondary office accommodation in Birmingham city centre. Our recent acquisition of the Ricardo site in Leamington Spa reinforces our continued strategy of recycling capital into income generating industrial and logistics assets.”
Joe O’Keefe, co-founder of Sheet Anchor Evolve, part of M Core said: “White House and 5–9 Lower Temple Street are prominent assets in one of Birmingham’s most established city centre locations, and we are pleased to have completed this acquisition from Hortons. The properties offer a strong mix of retail and office accommodation, with clear potential to support long-term performance through considered, proactive asset management. This acquisition reflects Sheet Anchor Evolve’s continued focus on well-located UK assets, supported by M Core’s long-term investment approach.”
Hortons was advised by JLL and Eversheds Sutherland, while LSH and Clarke Willmott acted on behalf of Sheet Anchor.
