29th Mar 2016 07:00
LONDON (Alliance News) - Infrastructure and support services company Stobart Group Ltd on Tuesday said it has signed a 20-year lease and option to purchase deal with Ford Motor Co.
Ford, the US carmaker, is the current tenant of Stobart's Speke investment property in Liverpool.
Ford will pay an initial rent of GBP2.2 million a year for the property from July 2016, compared to GBP1.5 million per annum currently, and has signed an option to acquire the site for GBP37.0 million.
Stobart acquired the property for GBP15.6 million.
"We are delighted to have agreed terms with our tenant at Speke. This transaction creates significant value for our shareholders and reinforces Stobart's strategy of actively managing our assets and maximising the value of our property investments," said Stobart Chief Executive Andrew Tinkler.
By Sam Unsted; [email protected]; @SamUAtAlliance
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