The owner of Team Valley Trading Estate and other industrial parks across the North East has been bought by one of the world's largest property investors.
GIC, which managers Singapore's foreign reserves, has purchased UK Land Estates for £425m in a highly significant property deal for the region. It means GIC, which owns property across the globe, will have a majority stake in the North East portfolio which includes Team Valley, Tyne Tunnel Trading Estate and Teesside Estate as well as other locations.
GIC replaces UK Land Estates' former US-based joint venture partners Northwood, which owned a stake in the North East property portfolio since 2014. The move is seen as a big vote of confidence in the North East commercial property market and with huge investment capacity, it is hoped GIC will help to grow the North East business.
