Wilton Developments Ltd (WDL) have confirmed that they have acquired Clugston Estates Limited’s (CEL) 50% share in its successful Barmston Developments Ltd (BDL) Joint Venture. WDL now has 100% ownership of BDL. Barmston Developments has successfully developed a number of high profile projects across the north of England, including a 426,000 sq ft distribution facility for Vantec Europe, a managed workspace centre for City of Sunderland and a chemical distribution facility for Brenntag in Sunderland.
Current projects within BDL include the successful 70 acre Turbine Business Park in Sunderland adjacent to Nissan and the 26 acre Enterprise 36 Business Park off J36 of the M1, where Barmston is currently on-site with 3 buildings totalling 176,000 sq ft.
Jason Stowe, Managing Director of Wilton Developments “buying in the other 50% of our JV was the natural decision to preserve what has been a very successful JV. The projects that we have on-site and in the pipeline are broadly in line with the model of Wilton Developments and we are delighted to be able to continue these through to completion. Wilton is celebrating 15 years of developing and investing in the North of England, we remain privately owned and well-funded and this decision to acquire full control of Barmston is indicative of our intent to be here for the long term. It is very much business as usual for these projects.”
James Clark of KPMG, joint administrator of Clugston Limited, said “This sale is a positive outcome for the exciting property development opportunities within Barmston, with the sale to Wilton being a natural home for the shares and representing a good deal for the creditors of Clugston Estates.”
Wilton was advised by James Bulloss at Grant Thornton and Michael Taylor at Walker Morris, Clugston Estates Limited was advised by Thomas Swiers and James Clark of KPMG, and Jonathan Dunkley and Harry Rose of Womble Bond Dickinson.