North East industrial estates owner UK Land Estates has been acquired by one of the world's largest property investors in a £425m deal.
The purchase, understood to have completed this week, will see GIC take a majority stake in the commercial property landlord and developer which owns Team Valley, Tyne Tunnel Trading Estate and Teesside Estate, among other locations.
It means US-based joint venture partner Northwood - which acquired a stake in the UK Land Estates portfolio in 2014 following its buyout of Highcross - will exit the business.
