A leading property investment firm has acquired the site of a global medical device manufacturer in Gloucestershire following a sale-and-leaseback deal with the company for an undisclosed price.
Tetra Real Estate, part of the Wigley Group, has bought the freehold of Summit Medical’s 27,404 sq ft headquarters in Bourton-on-the-Water while agreeing a new 15-year lease that will enable it to put the building blocks in place for further expansion.
The deal secures Summit Medical’s long-term future at its Cotswolds base while releasing capital to support the continued growth of the business.
Chris Parsons, Managing Director of Tetra Real Estate, said: “Summit Medical is exactly the sort of business we enjoy working with. It manufactures products that make a real difference to people’s lives and has been an important employer in Bourton-on-the-Water for many years.
“Our approach has always been to foster strong relationships with our occupiers rather than just to own buildings, and we’re looking forward to working closely with Summit Medical as the business enters its next chapter and puts plans in place for continued growth.”
Summit Medical designs and manufactures specialist medical devices used in orthopaedic procedures. Its products are supplied via its own UK sales team, export distributors and to leading global orthopaedic companies.
Simon Jackson, Non-Executive Chair of Summit Medical, said the transaction would allow the business to focus on its long-term ambitions for growth.
He said: “This deal gives us the foundations we need for the next stage of Summit Medical’s journey while allowing us to remain in the place we’ve proudly called home for more than four decades.
“Chris and the team at Tetra were very easy to deal with from the start of the process. The sale was handled professionally and efficiently, which made what could have been a complex process feel very simple.
“Finding the right long-term landlord was just as important as completing the deal itself, and we’re confident Tetra understands our business and will support our ambitions for many years to come.”
