Commercial property firm UK Land Estates has re-acquired significant chunks of three North East industrial estates in a major multimillion-pound deal.
The landlord and developer, which now has about 600 tenants across its properties, has bought parts of North Tyneside’s New York Industrial Estate, Cramlington’s Nelson Park and Boldon Industrial Estate in an undisclosed deal. In a move described as a "substantial reinvestment" in the region, the firm will boost its portfolio by about 410,000 sqft, acquiring the majority of land across the three estates.
UK Land Estates had previously owned the sites until a sale in 2017 when it decided to concentrate investment on its three core estates of Team Valley, Tyne Tunnel and Teesside. Speaking to BusinessLive recently, the firm's managing director, Keith Taylor said UK Land Estates was experiencing high occupancy rates and was targeting growth through acquisition and speculative building.
