Melburg Capital Ltd, the privately owned real estate investment and development company, has announced the sale of the 110,000 sq ft Bekaert UK headquarters on Park House Road, Bradford, completing a hat-trick of disposals from the holding.
The asset was acquired in 2022 with a short-term lease expiry to Bekaert, the world’s largest steel wire manufacturer. In advance of completion, Melburg re-structured the lease and title, resulting in the €5.0Bn turnover business signing a 15-year commitment, benefitting from 2-5% RPI indexation.
As part of that re-structure, Melburg retained two separate assets – a circa 2-acre industrial open storage site, sold to WJ Hughes & Sons, and a further self-contained industrial facility and yard, sold to MK Motorsport.
The accumulative consideration achieved across the three sales was approximately 30% ahead of Melburg’s purchase price. The funds will be immediately redeployed.
Helen Blair, Chief Financial Officer at Melburg, commented: “This result is testament to the strength of our asset management platform and the support of our lender, Coutts, whose backing throughout our ownership enabled us to deliver the business plan in full. With funds available for immediate redeployment, we welcome further opportunities across the UK.”
Carrick Real Estate acted for Melburg on the sale of the Bekaert facility to a private family office represented by Tim Shattock of APB Property Consultants.
