In one of the biggest industrial transactions of the year, investment funds managed by Westbrook Partners, the global property investment manager, have further expanded their presence in the U.K. regions with the £100M+ acquisition of Follingsby Park, a 1.1 million square foot flagship light industrial & logistics park in Gateshead, Northeast England, from funds managed by Legal & General.

Westbrook’s acquisition of Follingsby Park is part of the investment manager’s ongoing strategy to support U.K. industrial and logistics hubs, with a special focus on the North and the Midlands.

The property consists of 46 industrial units ranging in size from 4,000 to 135,000 sq ft and featuring best-in-class facilities and amenities for a variety of tenant uses including light industrial, manufacturing, logistics, and warehousing.

Follingsby park is a key generator of regional economic activity, creating  jobs and supporting the local supply chain.

 “We have invested in multi-let light industrial in the U.K. for over 20 years and we are delighted to have acquired the pre-eminent park in the Northeast as it enters its next phase of growth. Westbrook will further enhance the sustainability credentials of the estate, support the local economy, drive innovation, and partner with regional businesses to ensure mutually advantageous growth and prosperity”.

Mark Donnor – Senior Managing Principal, Westbrook Partners

Westbrook’s entry into the Northeast has been met with enthusiasm from the local authority.

“We are excited to welcome and support new international direct investors into the Northeast. Westbrook’s acquisition of Follingsby Park offers significant opportunities for Gateshead, local business, and residents alike. We look forward to a productive and proactive partnership with such an established international investor as we work together to further enhance and develop the park and foster economic growth in the region”.

Councillor Kirton – Cabinet Member for Economy and Communications, Gateshead Council

Westbrook were supported in their acquisition of Follingsby Park by their long-term global lending partner, Mizuho EMEA, who acted as sole bookrunner, mandated lead arranger and original lender on a senior loan to Westbrook.

“This transaction demonstrates a commitment to our client-centric approach and speed of execution. Westbrook are a world-class sponsor and asset manager of U.K. multi-let light industrial property (MLI) and we are delighted to support their investment in Follingsby Park and Gateshead’s economy, reinforcing the long-term commitment of Japanese business to the Northeast of England”.

Bhavin Mehta – Vice President, Structured Real Estate Finance, Mizuho EMEA

“We are delighted to be working again with Mizuho’s London team on another senior financing this year, as they continue to back our successful 20-year track record of MLI investment. As ever, Bhavin and his team worked brilliantly together with ours to deliver on this significant investment in the Northeast. We are thrilled to further consolidate the global working relationship between our firms on such a strategically important U.K. transaction for Westbrook”.

David Collard – Managing Principal, Westbrook Partners

Cortex Partners advised Westbrook on the acquisition. JLL acted for Legal & General.

 Westbrook has appointed HTA Real Estate and Avison Young as joint letting agents on Follingsby Park.

For further enquiries please contact…

David Collard

dcollard@westbrookproperties.com

07940 023 208

Available Units

Unit 19H

6,923 sq ft