Hortons acquires in Leamington Spa

The Birmingham property company has expanded its portfolio with the purchase of a 132,000 sq ft R&D and manufacturing campus occupied by engineering group Ricardo.

Comprising 12,8 acres, the campus-style development, located off the A425 Southam Road at Radford Semele, comprises 132,569 sq ft across three buildings, including a manufacturing facility, a hi-tech warehouse unit and an office building.

Although the sale price has not been disclosed, the complex was listed for sale on Consorto at £11.5m in October.

The site was previously traded in 2018, when Palmer Capital Income Fund paid a reported £14.5m to Kennedy Wilson in an off-market deal. Palmer became part of Fiera in 2019.

Ricardo has a long-term lease on the site. The occupier, a global engineering consultancy headquartered in the UK, was acquired in October by multi-disciplinary group WSP. Ricardo has occupied the campus for more than 25 years, investing in upgrades throughout.

Hortons said that the acquisition supports its strategy of broadening its geographical footprint and sector exposure. It follows several recent industrial and logistics acquisitions across the Midlands.

In October, the firm bought the 357,000 sq ft Thorns Road industrial estate in Brierley Hill for an undisclosed sum. This followed a September sale and leaseback deal on a 32,000 sq ft unit in Hixon, Staffordshire.

Steve Benson, chief executive of Hortons, said: “Securing this high quality, long established site represents another important step in diversifying our portfolio, both geographically and by sector. Ricardo is a long-standing and well invested occupier, and we look forward to supporting their continued presence on the estate, as well as exploring opportunities to enhance the facility further.”

Hortons was advised by Atlas Real Estate and professional services group, Gateley.