RCS - Boot(Henry) PLC - HENRY BOOT AND BARNFIELD GROUP COMPLETE £30M SALE

Henry BootAnnouncement

24/01/2023 07:00

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RNS Number : 6114N  Boot(Henry) PLC  24 January 2023

 

24 January 2023

 

HENRY BOOT PLC

('Henry Boot' or 'the Group')

HENRY BOOT AND BARNFIELD GROUP COMPLETES £30M SALE OF PRESTON

LOGISTICS SCHEME

Henry Boot PLC announces that its property investment and development
business, HBD, alongside Barnfield Group, completed the sale of EAST, a
223,000 sq ft logistics scheme in Preston. Sold to Titan Investors at the end
of 2022 in a circa £30m transaction, the sale price represents a 10% premium
to the last reported book value.

 

Holding a prime location along the M6's key distribution corridor on the
outskirts of the Lancashire city of Preston, the 18-acre site includes three
fully let buildings alongside a final development plot with consent for a
30,000 sq ft warehouse that will be delivered directly by Titan.

 

This disposal follows recent pre-lets at EAST with DHL and DPD, taking 63,000
sq ft and 59,000 sq ft respectively, with an overall scheme WAULT of 16 years.
The first phase of the scheme was delivered in December 2021.

 

Tim Roberts, CEO of Henry Boot PLC, commented: "EAST is yet another hugely
successful industrial and logistics scheme delivered by the Group - it has
drawn strong interest from potential occupiers since development began on
site, demonstrating the continued demand for high-quality Grade A industrial
and logistics space in key locations. Having secured deals with both DPD and
DHL, and on the back of a very successful first phase, EAST represented an
excellent investment prospect for Titan Investors."

 

Tracy Clavell-Bate, Head of Development and Acquisitions at Barnfield Group,
said: "We knew when the 18-acre site came to the market that it would be in
great demand. It has been a very rewarding project to work on from concept
master planning, construction, lettings and completing the sale and all within
3 years."

 

Enquiries:

 

FTI Consulting

Giles Barrie, Ellie Sweeney

henryboot@fticonsulting.com (mailto:henryboot@fticonsulting.com)

 

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Chief Financial Officer

Daniel Boot, Group Communications Manager

Tel: 0114 255 5444

www.henryboot.co.uk

 

Numis Securities Limited

Joint Corporate Broker

Ben Stoop

Tel: 020 7260 1000

 

Peel Hunt LLP

Joint Corporate Broker

Charles Batten/Harry Nicholas

Tel: 020 7418 8900

 

About Henry Boot PLC

 

Henry Boot PLC (BOOT.L) was established over 135 years ago and is one of the
UK's leading and long-standing property investment and development, land
promotion and construction companies. Based in Sheffield, the Group is
comprised of the following three segments:

 

Land Promotion:
Hallam Land Management Limited
(http://www.henryboot.co.uk/our-businesses/hallam-land-management/)

 

Property Investment and Development:
Henry Boot Developments Limited (HBD)
(http://www.henryboot.co.uk/our-businesses/hbd/) , Stonebridge Homes Limited
(http://www.henryboot.co.uk/our-businesses/stonebridge-homes/)

 

Construction:
Henry Boot Construction Limited
(http://www.henryboot.co.uk/our-businesses/henry-boot-construction/) , Banner
Plant Limited (http://www.henryboot.co.uk/our-businesses/banner-plant/) , Road
Link (A69) Limited (http://www.henryboot.co.uk/our-businesses/road-link-a69/)

 

The Group possesses a high-quality strategic land portfolio, a proven
reputation in the property development market for creating places with
purpose, backed by a substantial investment property portfolio and an
expanding, jointly owned, housebuilding business. It has a construction
specialism in both the public and private sectors, a plant hire business, and
generates strong cash flows from its PFI contract, Road Link (A69) Limited.

 

www.henryboot.co.uk (http://www.henryboot.co.uk)

 

 

 

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