A leading Midlands property and development company has expanded its portfolio after agreeing terms to acquire two logistics sites in the region.
Warwickshire-based The Wigley Group has agreed to purchase Bermuda Park on Buckingham Close, Nuneaton, and a city centre trading estate on Craven Street, Leicester, at a total price of £7.95 million.
The two fully-let sites offer a combined 13 units, with nine units providing 53,256 sq ft of internal warehouse/industrial space at Bermuda Park, and four units at Craven Street providing a total of 47,343 sq ft of space.
They are the first sites purchased through an exciting new collaboration between The Wigley Group and Reflex Property Finance – sister company of South East-based developer Galliard Homes.
The new partnership, called Waterloo Capital Ltd, will create a new investment fund which will channel capital into shorter term asset management projects across the Midlands region, principally focusing on industrial property.
The Wigley Group was formed in 1964 and is a specialist in the industrial sector with a significant portfolio of property and landholdings.
Reflex Property Finance was founded by Stephen Conway – founder of Galliard Homes – and Jonathan Morgan - former Galliard director - and is a specialist finance provider for development sites and commercial property.
James Davies, Chief Executive Officer at The Wigley Group, said: “We are thrilled to agree terms on these two sites as part of an exciting new agreement with Reflex Property Finance, which will help to drive fresh investment into the region.
“This is a perfect partnership which combines our own expertise in the logistics sector and strong local knowledge of the region, complemented by a funding partner in Reflex who possess a deep understanding of development and investment, due to its experienced founders having grown Galliard Homes into one of the UK’s most successful private residential developers.
“Working with our experienced Asset Management team, we look forward to enhancing the offering at Bermuda Park and Craven Street to meet the growing demand for well-connected industrial and warehouse space in the heartland of industry, the Midlands.”
Jonathan Morgan commented: “We are delighted to support The Wigley Group with this strategic investment and look forward to growing the relationship with such an experienced, reputable and well capitalised partner.”