KFIM, on behalf of Lancashire County Pension Fund (LCPF) have acquired the properties from a Private Family client of B8 Real Estate. The four separate properties make up the manufacturing, distribution and headquarters of AIM listed Accrol Papers Ltd. The properties were purchased off-market at a price of £25,000,000.
Situated on Roman Road Industrial Estate, Blackburn and with excellent access to J5 of the M65, the units provide modern, high quality manufacturing and logistics accommodation across an 18 acre site.
All four assets are let to Accrol Papers, a market leading manufacturer of private label toilet tissue, supplying major UK supermarkets. The site forms the Company’s headquarters, which they have occupied since 2004 and they continue to invest heavily in their Blackburn operation.
Piers Windsor, Senior Investment Manager at KFIM commented ‘We are happy to have completed on this acquisition on behalf of LCPF, which was put under offer during the UK’s nationwide lockdown. The investment meets all of the criteria of our strategy of targeting well let, good quality industrial stock in the County of Lancashire. The investment generates a strong income return from day one, while providing a number of potential asset management initiatives in the medium to long term. We continue to look for similar opportunities with another c. £50m remaining to invest.’
John Burrows of B8 Real Estate commented, ‘The sale demonstrates continued demand from investors for significant industrial assets within the North West and we are delighted to have advised on the successful sale to KFIM. The assets have performed well for my client over their many years of ownership and we are sure that KFIM will continue to work closely with Accrol Papers, as they continue to invest further in their operation within the County.’
The Family Fund was represented by B8 Real Estate and David Hill of Napthens Solicitors
KFIM were represented by the Manchester office of Knight Frank and Miles Sinclair of DWF.