February 27 2018 @ 15:51 by Chloe Holmes
North East industrial property specialist HTA Real Estate has brokered a sale and leaseback transaction on behalf of Simpson Group for its 68,000sqft headquarter facility in Washington.
The £11m turnover print business, which earlier this month announced a management buyout, has signed a new 25-year lease as part of the property investment sale.
Russell Taylor, director at HTA Real Estate said: “We are very pleased to have secured this sale and leaseback deal for Simpson Group, which has enabled them to release a significant level of capital.
“Our position in the commercial property market enabled us to identify a suitable investment company to work with and conclude a successful transaction for our client.”
The industrial & office premises, which were purpose built for Simpson Group in 2005, have been acquired by M7 Real Estate and the sale will enable the firm to make over £1.5m of investment in new digital technology.
John Quinn, finance director at Simpson Group commented: “Our premises at Rutherford Road continue to be perfectly suited to the requirements of the business which has enabled us to make this long term commitment.
“HTA Real Estate provided us with the professional advice and guidance we needed and we are delighted to have completed this transaction with their assistance.”
Formed in 1972 by Bill Simpson, the print company employs over 100 staff at its Washington headquarters and a satellite southern operation in Langley, Berkshire.
The firm specialises in point of purchase print for the retail sector with customers including Tui, Next, Matalan, BETFRED and B&M.
M7 Real Estate were represented by Cushman and Wakefield.