Over recent months, the commercial property team at BPE Solicitors LLP has acted for Stobart, the infrastructure and support services group, in the purchase of a 53 acre site at Speke, Liverpool and subsequent agreement for lease with an option to purchase 47 acres to Ford Motor Company Limited. The option to acquire the site has now been exercised. The Stobart Group initially intended to hold the entire site as an investment, but Ford Motor Company required the option to acquire the 47 acres. The site, listed on the Group’s balance sheet at £25.2m, has been transferred to Ford in the £37m transaction, boosting the Group’s profit for the current financial year by around £11.8m.
Andrew Tinkler, Stobart Group Chief Executive commented: “We are very pleased to have realised further value and generated significant profits from our investment property portfolio with a transaction that demonstrates the hidden value within our infrastructure and investment divisions.”
Rebecca Maxwell, Senior Associate with BPE Solicitors, acted on the agreement for lease and option with Ford, as well as on the initial purchase of the site by Stobart Group in December 2015. She said: “Working with Stobart on this and other deals is very rewarding. Building a relationship with clients and becoming a trusted advisor on such matters is very much part of the ethos of BPE and we pride ourselves on these relationships, serving our clients interests to achieve their objectives.”