On behalf of a Private Equity client, Red Kite has completed the freehold purchase of Foxhills Industrial Estate, Normandy Road, Scunthorpe from the previous owner Innovate (In Liquidation).
This transaction has taken over a year to complete due to the complexity of leases, interest and covenants that exist on the Estate.
Red Kite will implement a new service charge regime and template where current owners such as RBS, Standard Life, Close Brothers, Yearsleys and Anglo Irish Bank will benefit from the asset management expertise that Red Kite will now provide in conjunction with Duncan Willey of PPH Commercial.
The Estate totals 925,000 sq ft and has over 12 separate investment holdings upon it. Red Kite acted on behalf of the purchasers and GVA Grimley acted on behalf of the Liquidators.