A warehouse In Gloucestershire has been acquired and leased back in a deal worth £8.9m.
London-based investment firm Topland Group has completed an off-market sale and leaseback agreement for a 150,000 sq ft unit on the Northway trading estate near Tewkesbury.
The company, which is headed by billionaire brothers Eddie and Sol Zakay, will let the building on a 15-year lease term to electronics business Domestic Appliance Distributors.
Topland said the building, close to junction nine of the M5 motorway, reflected a net yield of 7.2% and a capital value of £59 per sq ft, and was part of its growth ambitions in the South West’s industrial sector.
The firm previously spent £15m on a 190,000 sq ft distribution facility in Smethwick in the West Midlands last year.
Topland, which describes itself as one of the largest privately-owned investment groups in the country, said it would look to deploy around £200m before the end of 2022, adding it was actively looking for "more opportunities".
Sol Zakay, chairman of Topland, said the company’s new Gloucestershire asset was “well-connected and situated in a particularly supply constrained micro-location".
Mr Zakay said: “As mentioned in my recent chairman’s report, we have a very clear vision and strategy across a wide range of sectors, Topland has had a very successful 2021 and we are, in fact, busier now than at any time in the last 10 years.
“We continue to focus on our core areas of expertise, remain open to collaboration with best-in-class partners and have an entrepreneurial culture that delivers new opportunities in new and exciting areas.
“We’re also looking to enhance the operations of our lending and JV equity activities through our industry leading structured finance division. Soon our total lending activity since inception will hit the £2bn mark and the intention is to grow the book by at least £500m this year.”
Topland’s principal activity is in commercial real estate, with a portfolio of over 220 properties, valued in the region of £3bn.
The group also has a hotel portfolio consisting of 40 hotels - including Bath’s Royal Crescent Hotel and Spa - 30 of which are owned and operated directly.
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