An investment management firm has acquired a 350,000sq ft site in Blackburn - the headquarters of AIM-listed toilet roll manufacturer Accrol Papers for £25m.
Knight Frank has completed the acquisition of four separate properties from private family clients of B8 Real Estate on behalf of Lancashire County Pension Fund (LCPF).
The four properties make up the manufacturing, distribution and headquarters of the firm on Roman Road Industrial Estate, with the transaction completed off market.
Accrol Papers, a market leading manufacturer of private label toilet tissue supplying major UK supermarkets, has occupied the site since 2004 - and the firm continues to "invest heavily" in the operation.
Piers Windsor, senior investment manager at Knight Frank Investment Management, said: "We are happy to have completed on this acquisition on behalf of LCPF, which was put under offer during the UK’s nationwide lockdown.
"The investment meets all of the criteria of our strategy of targeting well let, good quality industrial stock in the county of Lancashire.
"The investment generates a strong income return from day one, while providing a number of potential asset management initiatives in the medium to long term.
"We continue to look for similar opportunities with another £50m remaining to invest."
John Burrows of B8 Real Estate added: "The sale demonstrates continued demand from investors for significant industrial assets within the North West and we are delighted to have advised on the successful sale to KFIM.
"The assets have performed well for my client over their many years of ownership and we are sure that KFIM will continue to work closely with Accrol Papers, as they continue to invest further in their operation within the county."
The Family Fund was represented by B8 Real Estate and David Hill of Napthens Solicitors. KFIM were represented by the Manchester office of Knight Frank and Miles Sinclair of DWF.
