Knights’ Retail team has supported Glenstone Property PLC, a listed property investment business, on its acquisition of two new out of town retail warehouse units in Rushden, Northamptonshire.
Glenstone was originally born out of the retail shoe chain Hiltons. The company retained some of the freehold shops when Hiltons listed on the London Stock Exchange, and over the last four decades has evolved and grown these investments into an attractive high yielding portfolio across the UK.
The new retail warehouse units are let to Wickes and Pets at Home who have both reported strong trading performances throughout the COVID-19 pandemic. The acquisition forms part of Glenstone’s wider strategy of diversifying the portfolio with the two tenants’ recent performance being of particular importance.
Tom Bower, Partner, commented: “The team at Glenstone are a great group and we thoroughly enjoyed working with them on this project. There were a few planning and construction complications during this strategic acquisition but a combination of great work from Knights’ colleagues and Glenstone’s pragmatic approach meant we could deliver the deal on time”.