A LARGE industrial unit in a Scottish town has been purchased by a pair of billionaire brothers.
Sandy and James Easdale, the joint owners of Easdale Investment Group, have bought the site at Renfrew's Meadowside Street for an undisclosed sum.
Previously owned by Peel Waters Limited, the property development arm of Peel Group, the unit is part of the Neil Street Industrial Estate.
The property is currently let to aviation repair firm Aeropair Limited and was purchased through the Easdales' Dalglen Investments vehicle.
This deal comes after the brothers' recent purchase of Kingston Industrial Estate, a 19-unit property located at Kingston Dock in Port Glasgow, adjacent to the A8 and Gallagher Retail Park.
The new site is located between other Easdale-owned sites at Neil Street Industrial Estate, which is located adjacent to the Renfrew Ferry and home to Clyde Metal Recycling, also owned by the Easdale family.
The current property and construction developments in the UK being led by the Easdale family, who own bus operator McGill's Group, are estimated at £800 million.
James Easdale said: "We are pleased to be able to conclude the deal for this further asset and consolidate our other areas of ownership at Renfrew.
"This acquisition further supports our previous strategic investments across the UK and brings a superb tenant and property into our broader portfolio.
"We are in a good position to add to our portfolio and continue to consider several new opportunities throughout the United Kingdom.
"We'd like to thank Peel Waters Ltd for their support during the negotiations and we continue to develop a good working relationship together."
Brian Lavalette, property director at Glasgow Waters, said: "We have been delighted to work in partnership with Dalglen Investments in the sale of this property which will further strengthen and enhance their property portfolio in the area.
"We thank Dalglen for the swift and professional manner the transaction was undertaken."
