Knights advised one of the UK’s leading Real Estate Investment Trusts on its purchase of a prominent industrial site near Birmingham city centre through the acquisition of Knowles Property Services Holdings Limited.

Glenstone REIT completed the purchase of the Knowles Property Services Holdings Limited last week – including its 45,000 sq. ft. site on Moor Lane Trading Estate, located close to the M6 in Perry Barr.

The site is home to E & S W Knowles & Company Ltd, the UK’s leading manufacturer of timber fire safety and security doors. The company has agreed a new 20-year lease as part of the deal.

The deal value was approximately £3m reflecting a Net Initial Yield of circa 9% for Glenstone REIT.

Rob Maybury, Finance Director of Glenstone, said:

“The property has been purchased in line with our current strategy of buying well located assets off a reasonable capital value. We continue to actively pursue corporate transactions to strengthen our portfolio.

“It was once again a pleasure to work alongside the Knights team who helped to drive this transaction over the line, spotting the key issues for us and providing quality advice.”

Glenstone REIT plc is a Real Estate Investment Trust, listed on The International Stock Exchange. Glenstone has successfully operated in the property investment sector for over 50 years and continues to expand its portfolio of investment property through the acquisition of investment assets and privately-owned property investment companies based in the UK.

Glenstone was advised by Knights on the transaction. The team was led by Real Estate Partner Caroline Smith and Corporate Partner Hannah Tessyman, with additional support from Grace Hill and Hayfa Tejani.

Hannah Tessyman, Corporate Partner at Knights, said:

 “It was great to work with Glenstone on another successful acquisition. The property represents an important and exciting addition to the Glenstone real estate investment portfolio.”

Knights is one of the fastest-growing legal and professional services businesses in the UK. With 26 offices nationwide, Knights is ranked within the top 50 UK law firms by revenue – with specialists in all key areas of corporate, real estate and commercial law.