Logistics sites acquired through a new partnership

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A Midlands property and development company has expanded its portfolio after agreeing terms to acquire two logistics sites in the region as part of a new partnership.

The Warwickshire-based Wigley Group has agreed to buy Bermuda Park at Buckingham Close, Nuneaton, and a city center shopping precinct on Craven Street, Leicester, at a total price of £7.9m.

The two fully leased sites offer a combined 13 units, with nine units providing 53,256 square feet of indoor warehouse/industrial space on Bermuda Park, and four units on Craven Street providing a total of 47,343 square feet.

They are the first sites purchased through a new collaboration between The Wigley Group and Reflex Property Finance, sister company of southeast-based developer Galliard Homes.

The partnership, called Waterloo Capital Ltd, will create an investment fund that will channel capital into shorter-term asset management projects across the Midlands, with a primary focus on industrial property.

James Davies, Chief Executive of The Wigley Group, said: “We are delighted to agree terms for these two sites as part of an exciting new deal with Reflex Property Finance, which will help drive new investment in the region.

“This is a perfect partnership that combines our own experience in the logistics sector and strong local knowledge of the region, complemented by a financial partner in Reflex who has in-depth knowledge of development and investment, due to the fact that its experienced founders have made Galliard Homes one of the UK’s most successful private residential developers.

“Working with our experienced asset management team, we look forward to enhancing supply at Bermuda Park and Craven Street to meet the growing demand for well-connected industrial and warehousing space in the heart of industry, the Midlands.”

Reflex Property Finance was founded by Stephen Conway, founder of Galliard Homes, and Jonathan Morgan, former director of Galliard.

Morgan added: “We are delighted to support The Wigley Group with this strategic investment and look forward to growing the relationship with such an experienced, reputable and well capitalized partner.”