Three buildings occupied by Airbus at the Celtic Springs Business Park in Newport have been sold by Robert Hitchins Ltd as it seeks to diversity its portfolio in South Wales.
The properties, extending to 153,000 sq ft at Cleppa 4, have been bought in a deal worth £30 million by investment manager the Rasmala Group based in Dubai, in partnership with Gulf Islamic Investments, a financial services company based in the United Arab Emirates.
Airbus has seven years remaining on its lease on the three grade A office buildings which generate an annual rental income of around £2.4m.
Simon Tothill, Property and Development Director for Robert Hitchins Ltd, based in Gloucestershire, said: “Robert Hitchins originally developed the Airbus campus and we are delighted with the sale.
“We remain committed to reinvesting in South Wales and are actively seeking new opportunities in the area.”
Jones Lang Lasalle acted for Robert Hitchins on the deal. Justin Millett, Director of Capital Markets for JLL Cardiff, said: The buyer spectrum for property in South Wales is wider than ever before and this transaction demonstrates the global nature of the market with a multi-national occupier and a Middle-Eastern purchaser.”
Other tenants on the 45-acre Celtic Springs Business park include the Office for National Statistics, the Prison Service, Lloyds TSB and West Utilities and Welsh Water.
Savills acted for the acquirer in the Celtic Springs deal. The company’s Director of Investment Ross Griffin said: “This is an excellent property with a very strong tenant and a good location in Newport.”
Robert Hitchins Ltd, formed in 1958, is one of the leading property developers in the South West and South Wales. It deals with the full development process from site acquisition and planning through to development and investment.
Its commercial property sites include Langstone Business Park in Newport, Central Park in Bridgend and Eastern Business Park in Cardiff.
