Gatehouse Bank acquires Omega Plc building for £16.3 million
Gatehouse Bank plc (the “Bank”), the London-based investment bank specialising in Shariah-compliant products and services, is pleased to announce that it has purchased the freehold interest of the Omega Plc building at Capitol Park (the “Park”) in Thorne, Doncaster from Omega Plc for £16.3 million – reflecting a net initial yield of 7.25%.
Capitol Park is located off Junction 6 of the M18, providing plots of prime industrial real estate space with efficient and reliable transport links. The Park was part-financed by the Yorkshire and Humber European Regional Development Fund Programme and is currently home to industry leading companies including BMW Ltd, Cooper Lighting and Truck Hydraulics.
The former owner, which specialises in fitted kitchen and furniture design, manufacturing and marketing, has agreed to lease back the 314,343 sq ft (29,204 sq m) industrial facility for a term of 20 years, paying a passing rent of £1.25 million per annum.
"We are delighted to add this strong asset to the Bank’s current portfolio,” stated Henry Thompson, Chief Executive Officer of the Bank. “The property benefits from stable long-term investment characteristics and will generate a generous return for our investors. Industrial real estate continues to provide excellent investment opportunities for the Bank and will remain a focus for the Bank as we look to diversify our UK portfolio further.”
The Bank was advised by Savills on the acquisition and Knight Frank acted for Omega Plc.